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Short Sale Addendum help answer questions
Mandatory Colorado Short Sale Addendum is part of the contract
Search for Colorado Springs Short Sales
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It continues to look like short sales in Colorado Springs are going to be here for awhile longer, and they are definitely a viable option for some buyers. Even though they can take some time to get short the sale acceptance from the lien holders, for a patient buyer, they can definitely be a good deal.
Having written two short sale offers this week for buyers, I thought it would be a good topic to discuss the short sale addendum that is required in Colorado. The Colorado Real Estate Commission has came up with a couple of forms called a “Short Sale Addendum.” These forms try to cover some of major and minor complexities a short sale brings to the purchase and sale of property.
The addendum should be included with the Contract to Buy and sell Real Estate between the buyer and seller and has several key points.
** The buyer enters details on how long the seller has to submit the short sale information to the lien holders.
** The buyer can also say how long they will wait for short sale acceptance.
** The buyer can also check a box regarding Early Termination that says either the seller or the buyer can terminate at any time with written approval. This is a very helpful clause for a buyer who has waited for months for approval; and essentially just wants to give up on this property and find something else.
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To find out more information about buying a home or Short Sale Home in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
Colorado Springs Short Sale – February Pick
Colorado Springs Real Estate — Short Sale pick
Search for Foreclosures and Short Sales in Colorado Springs
Related Article: Buying a short sale vs. a foreclosure, what’s the difference?
My short sale pick of the week is a home in Peyton on 12410 Motley Road.
It includes over 3624 square feet, with 4 bedrooms, 4 baths, and a 3 car attached garage.
If you are looking for a large house at reasonable price in Peyton; then this is the property for you.
The property was built in 2002; and was originally sold for $306,000. It is a two-story plan, and includes a finished basement.
The upsides….. large attached three car garage, nice corner lot, stucco exterior, very well maintained, on almost 1/2 an acre, additional curved driveway, move-in ready.
The description in the MLS Says: “Must see! Shows like a model! Spacious and open floor plan. Bay windows in dining room and kitchen. Walkout kitchen to raised wood deck, 99% finished walk out basement with custom wood bar and wired with surround sound. Vaulted ceilings, bull nose corners, covered porch, beautifully landscaped front and side yard with wrap around drive way, concrete sidewalk around home, dog run, storage shed. and may be adjusted by . “
Sunday Foreclosure Bargains
Foreclosure Listings in Colorado Springs as of November 1, 2009
During the last two weeks of October, 64 bank-owned properties came on the market; 15 (24% ) of them are already under contract, or pending.
Homes in Fountain and in the Southeast area of town continue to see the most foreclosures
For a FREE list of up-to-date Foreclosure Homes, Email KTorline@msn
