Colorado Springs Vintage Homes Blog
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Archive for October 11th, 2008
Colorado Springs Homes, 4 things to know about a short sale
Short Sales — Part I of Series
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This is the first in a series of blogs about short sales in Colorado; and specifically about hom
es in the Colorado Springs area. As I started to outline what I wanted to write about on Short Sales, I realized this could be a never-ending series; as I already have 9 different topics; and came up with 2 more this morning. This first post starts off with the basics of a short-sale.
Even though our real estate market in Colorado Springs has not been hit as hard as some states like California, Florida, and Arizona; the home values in the Front Range have decreased in the last 18 months. Depending on the area, prices have decreased anywhere from 5% to 20%. (See Recent Blog Posts on Market Conditions: Colorado Springs Homes, August Market Report for Condo/TownHomes and Colorado Springs Homes, August Market Report for Single Family Homes)
Before you start pursuing a short sale on your home in Colorado Springs, here’s a short description and explanation about short sales.
(1) What is a “short sale?”
It is a sale in which the lender authorizes the property to be sold for less than what is owed on it, and it occurs before foreclosure. Essentially the buyer purchases the property Read the rest of this entry »
