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Must know facts about buying a Colorado Springs short sale
Colorado Springs Short Sale Buyers need to know facts
Related post: Buying a short sale vs. a foreclosure, what’s the difference? and 5 things to know about buying a short sale
For a FREE List of Foreclosures and Short Sales email Kathy Torline at KTorline@msn.com
Good Deals: YES, this is a good opportunity for the buyers. NO, this is NOT a foreclosure!
Offers for a Short Sales YES, you can make offers on what you think it is fair market price, but NO, you can not 
buy 50 cents on a dollar of what the owner pay for, unless the owner overpaid and/or the market has dropped 50%. Lenders will not approve a short sale below fair market value. Buyers, if you are planning to buy a Short Sale property, please manage your expectation.
Time Frame For a Short Sales: YES, you have to be patient, as part of the process. The Short Sales sellers have to submit a Short Sales Hardship package, and both buyers and sellers will have to wait. NO, you cannot expect bank to get things done faster; they work on their own timetable.
In the case of Short Sales, the Buyer has to wait Read the rest of this entry »
Are you a candidate for a short sale?
Colorado Springs Short Sales
f 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.
With all this talk about short sales and foreclosures in Colorado Springs there are many consumers as well as REALTORS who are uncertain about what a short sale is. Let’s first start with a simple explanation of a Short Sale and then discuss who is a candidate for a short sale.
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 for less than the seller’s mortgage and the seller’s closing costs. The seller is either unwilling or unable to cover the difference.
Lenders want to lessen their losses. If a short sale will give them less of a financial loss than going through a foreclosure, they will go for the short sale. If there is a second (or third) lien holder on the mortgage, they also enter into the equation. These other lien holders also have to agree to the short sale.
Who is a candidate for a short sale?
It is completely up to the Read the rest of this entry »
Homes sold “As Is” in Colorado Springs….what does it mean?
“As Is” – what does it mean
Search for Foreclosed Homes in Colorado Springs
Related Articles:
While looking through some homes recently with a buyer, we came across a home that said “As Is”. Whatever does that mean, asked my buyer. I explained that it means the seller is unwilling or unable to make any kind of repairs to the property to meet the needs of the buyer. This is actually done for a variety of reasons.
#1-The homeowner is trying to do a “short sale” where they are trying to prevent foreclosure. If this is the case, the sellers may not have the finances to do any required repairs.
#2-The owner is a bank (REO) owned property that has already gone through the foreclosure process, Read the rest of this entry »
Avoid Foreclosure, Know Your Options!
Do you own a home in Colorado Springs?
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Ask for help before foreclosure starts — don’t stick your heard in the sand!
Short Sales — Part II of Short Sale Series
When many homeowners are in financial trouble and not making their house payments, they go into denial. They are embarrassed, and they hope that the situation will go away. The problems usually won’t solve themselves. The fact is that the sooner a home owner faces up to the situation the better. There are option out there!
I typically meet pre-foreclosure homeowners after they’ve already missed several payments and they’ve heard something about short-sales. Maybe it’s been from a friend, maybe from the news, or maybe from their lender.
One of the first steps I do is to refer them to some of the local and national hot-lines that are now available to help home owners. I want to make sure they are as educated as possible about their options before they decide to list their home as a short-sale. I also Read the rest of this entry »
Colorado Springs Homes, 4 things to know about a short sale
Short Sales — Part I of Series
Search for Homes in Colorado Springs
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 »
