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Top 6 Colorado Springs Short Sale Questions Answered
Top 6 Colorado Springs Short Sale Questions Answered
Are you considering selling your home by means of a short sale, but have lots of questions? If so, read on ……
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
(1) I want to do a short sale and have a 2nd mortgage, does this make me ineligible? 
(2) Do I have to miss a payment to do a Short Sale?
No, not necessarily. Some lenders will accept short sale offers from sellers who have never missed a payment. But most lenders don’t seem to pay much attention to a seller and a request for a short sale when a payment has not been missed.
(3) How does a listing agent get paid a commission?
The bank will pay the commission along with all the other usual closing costs. 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 »
