Government CO foreclosure vs bank-owned
Colorado makes an effort to help out its residents as much as possible. However when the amount of tax or loan to be paid by a resident reaches an excessively high level, the state will make an effort to recover the money owed. Initially the state makes a three step program of payments, but if that does not result in the money collected the state will foreclose on the debtor’s property. Subsequently CO foreclosure homes are auctioned in order to recover the debts owed to the state owned. Note that the primary goal here is to recover tax money and not to make profit. So foreclosed homes can sometimes be purchased at a discount of up to 40%. In comparison to bank-owned properties, government foreclosed homes tend to be cheaper.
