Colorado Springs Vintage Homes Blog
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Short Sales can be Successful
What makes a successful Short Sale?
If you are interested in a short sale, It’s important to utilize a Colorado Springs Real Estate Agent that specializes in Pre-foreclosures, Foreclosures, and Short Sales; and has a successful and ethical track record. Call Kathy Torline – Nordstrom, 719-287-1049, KTorline@msn.com
Some statistics say that only 10% of short sales result in a successful closing. Not good odds. Made me start thinking about what makes a successful short sale. They do take a lot of hard work and each one is different, but there are some key factors that can make the difference between a successful short sale and one that fails.
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Seller has a genuine hardship.
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Seller is cooperative and motivated to complete the steps required by the lender(s)
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Lender(s) and other lien holders have been contacted and are willing to consider a short sale
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Property is in reasonably good shape
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Property is listed for sale by an Realtor experienced in Short Sales
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Property is marketed as a short sale, and priced appropriately
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Buyer is willing and able and submits a reasonable offer to purchase
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Buyer understands purchasing a short sale and is willing to wait for the lender(s) acceptance
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Short sale package includes all of the components required and is submitted to the lender(s)
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Listing agent is experienced in negotiating short sales
All of these steps may seem simple, but if just one of them isn’t done correctly, the odds of getting the short sale closed is vastly reduced.
- Colorado Springs Homes, 4 things to know about a short sale - Part I of Short Sales Series
- Avoid Foreclosure, Know Your Options - Part II of Short Sales Series
- Colorado Springs Home Foreclosures – 11 benefits of a short sale - Part III of Short Sales Series
- The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
- How long does it take to do a Colorado Springs Short Sale? - Part V in Short Sale Series
- What are the credit consequences on a short sale? - Part VI of Short Sale Series
- Are there tax ramifications to a Colorado Springs short sale? — Part VII of Short Sale Series
- What you MUST know about short sales on FHA loans - Part VIII of Short Sale Series
- How do you price a Colorado Springs short sale? - Part IX of Short Sale Series
- 21 reasons short sales fail - Part X of Short Sale Series
- 8 Things You Must Know About VA Short Sales - Part XI
- Oh no, don’t tell me you have other liens on your short sale property - Part XII
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