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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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- 12 questions to ask before writing a contract on a short sale
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.
If you enjoyed reading this article, or would like more information on purchasing a short sale, why not Subscribe to be notified of the next one?
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
BPO’s can kill a short sale
Killer for Colorado Springs Short Sales
Search for Colorado Springs Foreclosed Homes
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One of the fastest way to “kill” a short sale you are trying to purchase, is for the lender to receive an inflated BPO.
Let’s start with the basics
What is a BPO? The initials stand for Broker’s Price Opinion; and most lenders will order at least one, maybe two or three BPO’s , which is how they come up with a value on a property.
Who does the BPO?
BPO calculations are not an exact science, they are based on an opinion. M
ost lenders will hire Realtors to put together a BPO on a property, and in turn pay a Realtor a fee for the BPO. The fees can range from $25.00 to $125.00; and in my opinion the lenders get what they pay for. As an example, a typical BPO order requires the Realtor to drive by the property, take pictures, upload the pictures, find 3 active properties and 3 sold properties; and put all of the information together in some of format that the lender requires. A BPO can take from 3 hours to 7 hours to complete. If the lender is paying $25.00 that equates to $8.00 an hour; not much pay for how much work they are asking to have completed. At 7 hours it equates to less than $4.00 an hour. Most Realtors will try to complete the BPO as quick as possible.
Many lenders don’t have many requirements for a realtor to be qualified to do a BPO; hence a brand new agent who doesn’t have any experience actually selling properties can qualify.
It’s important to know that BPO’s are not an exact science. As an example, if I was hired to do a BPO for a house selling in a Stratton Meadows, a subdivision in Southwest Colorado Springs, near Fort Carson, I could choose from 40 houses that have sold in 2011. If I narrow the list down farther to houses less than 1000 square feet there are 27 houses that sold. The sold prices have ranged from $45,000 to $105,000. Hence if I pick the higher-end houses for the BPO, my final value for the BPO will come out higher. If I choose the lower end houses for the BPO, my valuation will come out lower.
The lender will typically take the BPO price and come up with a decision from this document on what to accept on a short sale offer. In this particular Stratton Meadows subdivision, my BPO can be as low as $50,000 or as high as $90,000. The high BPO valuation could definitely kill a deal, as a qualified buyer may only want to pay $60,000 to $70,000; but the bank may say that they’ll only accept a minimum of $70,000 based on the recent BPO they received.
Seems to me the process is flawed. Maybe a lender should always get 2 to 3 BPO’s and average them out? Every realtor who has ever been involved in short sales has a story about a transaction that didn’t go through because the BPO was too high, hence the transaction never went through.
Seems like there should be a better way.
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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
The 2nd can blow the deal
Do you want to buy a Colorado Springs Short Sale?
Search for Short sales in Colorado Springs
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- 5 tips to buying a short sale
- 8 reasons NOT to buy a short sale
- 12 questions to ask before writing a contract on a short sale
Short sales can be difficult to negotiate, but they aren’t impossible. When I’m representing a buyer in a short sale; I always do my homework on the property. I typically have the Title Company pull an O & E (Owners and Encumbrances report) so I can see what type of liens are on the property and how many liens are on it. I know from past experience the odds are much better for approval if the home only has a first loan; vs. a first and a second loan.
It’s important to know that each lien holder needs to agree to the short sale. Even if the first and the second are with the same lender; they all need to agree to a “short sale payoff”.
Some Realtors have the misconception that if both the first and second are with the same lender, you’ll only have to work with one negotiator to get approval. In my experience, this isn’t true with most lenders; although I’ve heard that some banks are starting to change this. Most of the time, the seller and the Realtor have to submit a short sale package to each lien holder. Both lenders have to agree to accept the short sale. There are many times the first mortgage holder agrees to the short sale; but the second doesn’t agree. Or if they do agree, the second wants more money.
The second lien lender may be holding a note that’s worthless in a foreclosure. If the first lien holder forecloses, the second lien holder typically gets nothings. But second lien holder who has the second mortgage is in a pivotal position; they have the legal power to block the short sale by refusing to agree to the deal.
It’s very difficult to find exact statistics on this; but my guess is that 75 % of short sales with only a first mortgage reach final approval and close; but the percentage drops to closer to 25% when a property has a first and a second mortgage involved.
There are currently 383 homes that are listed as short sales in the Pikes Peak MLS. I wonder how many will actually get the short sale negotiated and sold to a buyer before being foreclosed on.
If you want to buy a Colorado Springs Short Sale; make sure you know the facts before you submit your offer. If you’ve just found your dream home that is listed as a short sale; you need to be realistic about the odds of getting it accepted; especially if it has a first and a second mortgage on it.
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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
Short sales and teamwork
Colorado Springs Short Sales, it’s all about the teams
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In completing a Colorado Springs short sale, you have many different teams —each with his or her own responsibility. It’s important that all of the teams work together with a common goal.
First off, you have the Seller. The responsibility of the Seller is the same as any seller, but in addition to that they need to provide all of the documentation required for the short sale package and any other documents requested by the lender.
Then there is the Listing Agent. They are responsible for listing the property as well as providing the seller with all the information about the short sale process.
Then there is the Short Sale negotiator. (This may or may not be the Listing Agent.) This individual must be well-organized, tenacious and have a strong understanding of the short sale process.
Then there is the Buyer’s Agent, who represents the buyer in the purchase of the short sale including an explanation of the risks and benefits of purchasing a short sale.
Then there is the Buyer, who needs to be ready, willing, and able to perform. The Buyer should also understand the importance of signing a contract, the short sale process, and the length of time to complete the process.
Other teams include the Bank Employees who do the short sale negotiating, the Escrow and Title officers, and the Buyer’s Lender.
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
5 tips to buying a short sale
Do you want to buy a Short sale in Colorado Springs?
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Related Article:
If you are wondering what it takes to successfully buy a Colorado Springs home listed as a short sale, here are some tips.
1. Be patient – This is by far the most important thing to remember when buying a short sale. If you need to move by a certain
date, purchasing a short sale isn’t for you. Again, remember patience.
Don’t put in an offer, and then a week later give up on it. It’s a waste of every-one’s time. Be prepared to wait a couple of months for an answer.
2. Decide what price to offer – Have your Colorado Springs Realtor obtain information on other properties that have sold in the area. Also, ask your Realtor to obtain the listing history of the subject property as well as prices on other comparable properties that are listed for sale. After looking at all the fact, decide what price the bank may accept. According to the National Association of Realtors, 80% of the offers made on short sale properties are not accepted. It’s important to understand that lenders will not accept 50% of what the property is worth.
3. Homework - Do your “Due Diligence” on the home before making an offer. Most Short sale properties are sold “as-is”; consequently you may want to have an inspection on the property before you put in an offer on it. If there are “major” things that need repaired, you may want to get an estimate on them and take pictures of these items. It may help the lender be more willing to accept your offer to have the repair information and estimated costs to fix the items.
4.Pre-qualification letter – Give your Realtor a pre-qualification letter from your lender if you are finance the purchase. This letter will be submitted with the contract to the lender. (See: Pre-Qualification or Pre-Approval, which do you need to buy a home?)
5. Experience – Make sure your Colorado Springs Realtor has experience with short sales. (I’ve seen more deals not go through because one of the Realtors didn’t understand the short sale process and didn’t explain to the buyer what to expect.) Don’t be afraid to ask your Realtor have they successfully closed any short sales.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
8 reasons NOT to buy a short sale
8 Reasons NOT to Buy a Colorado Springs Short Sale
For a free List of up-to-date Colorado Springs Short Sales, email Kathy at KTorline@msn.com
Short sales in Colorado Springs happen when home sellers do not receive enough money from a buyer to pay off their existing mortgages, and the lenders agree to take less than the amount owed to them. On the surface, it appears that a short sale buyer is getting a good deal. Although a some short sales may be a great deal for a buyer, many of the times, a buyer would be better off buying a home that is not in default or a bank-owned property.
1. Sellers Paid Too Much
If a home originally sold for $300,000 a few years ago and is now for sale at $200,000, this doesn’t necessarily mean a buyer is getting $100,000 of equity for f
ree. It may mean the seller paid too much in a rising market and now the market has fallen. It does mean the seller has no equity. It’s important for buyers and their Colorado Springs Realtors to do their homework and make sure they know how much the property is worth in today’s market.
2. Sellers Borrowed Too Much
Some banks were eager to lend money and allowed borrowers to over-mortgage the home, meaning the borrower’s loan balance exceeded the value of the property. Appraisals have always been subjective, and not all appraisers will place the same value on a home. Although against the law, some appraisers used to be pressured by banks to appraise at the amount the home owner wanted to borrow.
3. Not qualified
Some Colorado Springs Realtors don’t understand short sales, and they might convince a seller into considering a short sale when the seller does not qualify for a short sale. Sellers must prove a hardship and submit evidence of the hardship to the lender for approval. Occasionally some agents list homes as short sales without ever talking to the lenders or pre-qualifying the sellers.
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 . “
Foreclosures in Colorado Springs continue on the upswing
Foreclosures on the rise in El Paso County
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I was doing some research for a couple of clients on foreclosures this morning, and pulled up the current foreclosure reports for Colorado Springs as of November 30th, 2009 We’re definitely still on the upswing for foreclosure filings with a 16% increase in 2009 from 2008. Last year the average monthly rate for new foreclosures was 384, this year the monthly rate is 446. Here’s the link to the Report and here’s a quick summary of the last several years:
2004 2,298 Filings
2006 2,570 Filings Read the rest of this entry »
12 Acceptable Reasons for a Short Sale
Are you thinking about selling your Colorado Springs Home? Do you want to do a short sale?
If you would like some other helpful advise on selling your home, please feel free to call Kathy at 719-287-1049, KTorline@msn.com
Many times I’ve been asked about why would a homeowner would want to do a short sale. The reasons are many, b
ut here my top 12 list of acceptable reasons:
- Financial Hardship due to a reduction of income, still employed but you are making less money
- Financial Hardship due to unemployment
- Financial Hardship due to your ARM loan resetting and you can no longer afford the payments
- Divorce
- Death
- Military Deployment
- Job Relocation Read the rest of this entry »
New Colorado Springs Foreclosures as of 11-15-09, average prices at a 25% discount
NEW Foreclosure Listings in Colorado Springs as of November 15, 2009
During the first two weeks of October, 77 bank-owned properties came on the market; 8 (10%) of them are already under contract. This is double the amount of properties that have been coming on the market in a typical 2 week period.
Homes in Southeast Colorado Springs and Homes in the Powers area are still continuing to see more foreclosures than other areas of the city.
For a FREE list of up-to-date Foreclosure Homes in Colorado Springs, Email KTorline@msn
Foreclosure listings are the best deals in Colorado Springs, sold for less than 24% of “regular” Home sales
Read the rest of this entry »
Deed in leiu is one alternative to foreclosures
Deed In Lieu
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 Deed in Lieu is.
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.
A deed in lieu of foreclosure occurs when an owner voluntarily gives a deed to the property to the lender in order to avoid the foreclosure process. It is commonly called a deed in lieu.
The benefit to the lender is it saves the time and expense of the foreclosure. The lender will typically only accept a 
deed in lieu if there are no other liens on the property as they will want a clean title. Also, most lenders will want to know that all other options have been exhausted. HUD has a very comprehensive explanation on their web site.
The major advantages to the homeowner:
** Immediately releases the owner from most or all of the personal indebtedness associated with the defaulted loan.
** The homeowner may receive more generous terms than in a formal foreclosure.
** Credit will be less damaged compared to a foreclosure. Read the rest of this entry »
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 »
New help for Colorado homeowners facing foreclosure
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.
Governor Ritter is expected to sign a new bill approved by the state Senate that will give 
homeowners facing foreclosure an 90 day window to try and work out a way to keep their homes. The bill would require the state to post a notice on the doors of foreclosed homes no later than 15 days after the foreclosure notice is delivered. The homeowner would then have five days to contact the state’s foreclosure hot line (1-877-601-hope) and set up an appointment with a foreclosure counselor. If the homeowners can prove they have income then the lender will be required to meet with them to try and work out a payment plan.
During the next 90 days, foreclosure proceedings would be suspended, although the homeowner would have to keep paying 2/3 of the mortgage payment. Mortgage brokers support the plan as they’re more interested in saving the investment than taking possession of the homes where it would show up as bad debt and that doesn’t help the lenders.
This new bill would certainly help many Colorado homeowners though not everyone would benefit. If the homeowner has no income due to a loss of a job, and they have no ability to repay the mortgage, there’s no help for them in this bill . The lenders are only required to meet with these homeowners, not come to an agreement with the owners, but many are willing to try, given all the foreclosed homes they’re carrying on their books.
Must Read posts:
Kathy (719-287-1049) KTorline@msn.com
Buying a short sale vs. a foreclosure, what’s the difference?
Every buyer wants a “deal” right now and I don’t blame them!
Here is El Paso County we have an 8 month supply of houses (compared to a 5-6 month “normal” supply) and at 
least 1 out of 10 of them are “distressed sales” (foreclosure, pre-foreclosure, etc.). Although these figures vary vastly on a neighborhood by neighborhood basis. As an example, the Southeast part of town has been hit particularly hard by foreclosures and short sales, while the Northwest part of town is fairly stable. Even though these numbers may sound bad, lots of areas have 8 out of 10 properties that are distressed; especially in cities like Phoenix and Las Vegas.
Buying a pre-foreclosure or a foreclosure can be very different experience, both from a “normal” sale and from each other. Here’s a quick synopsis of the differences:
Pre-Foreclosure (often a short sale)
A short sale occurs when a house is worth less than the mortgage, and the seller’s lender accepts less than what is owed on the mortgage.
As an example, a seller may have a mortgage of $250,000 on their home in Colorado Springs. The seller is taking a job in a new city and the house is now only worth $220,000. A buyer makes an offer on the house in the amount of $220,000 and the net proceeds to the bank is $205,000 by the time the owner pays the real estate commission and the seller’s closing costs. The buyer and seller sign the contract but the offer is subject to approval by the lender, as the bank than must agree to accept $205,000 vs. $250,000 to pay off the loan. Hence the term short sale.
Some statistics say that a lender typically loses about 19% of a mortgage’s 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 »
Foreclosure Assistance, help is available
I have published this article before, but I came across MANY new resources that I wanted to add
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.
When many Colorado Springs home owners 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 options out there!
One of the first steps I do is to refer Colorado Springs home owners 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 encourage them to talk to a lawyer and/or a tax accountant. A short sale may not be the right step for them; I want them to understand all of their options and pick the one that’s best for their situation.
Colorado Foreclosure Resources
One of the best resources around is the Foreclosure Hot-Line at 877-601-HOPE. There is also a local organization called The Pikes Peak Foreclosure Partnership at 719-444-8833.
National Foreclosure Resources
There is another national organization called Hope Now at 888-995-HOPE; and one of the great feature of this web site is links to many mortgage companies web sites. If you have a VA loan, the phone # is (719) or (303) 914-5650. If you have a HUD/FHA loan, the phone # is (303) 672-5216
The goal of Read the rest of this entry »
Oh no, don’t tell me you have other liens on your short sale property
Are you thinking about a short-sale on your property?
I learned a very valuable lesson last week on a short sale listing. I was having a conversation with a title company; 
and the Escrow Officer reminded me that I should order an O & E (Owner’s and Encumbrances) on my short sale listing. I did so, and surprise ……… there were two extra liens on the property; two judgements. The seller is diligently working to see if he can negotiate to get these liens released; but he’s not sure he can get them to go away. The liens are a large enough dollar amount, that if we don’t get them released, I don’t think we’ll get the lender to accept a short sale.
Consequently, I now ask these questions when pre-qualifiying a seller for a short-sale listing; as not every seller is a good candidate for a short sale. As much as I want to help sellers in trouble, I need to remind myself that I can’t solve all of their problems; especially when it comes to liens on the property. Some of the questions I now ask are:
- Do you have a second mortgage on the property? Or two? Even by an individual?
- Who owns Read the rest of this entry »
8 Things You Must Know About VA Short Sales
VA Short Sales
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Colorado Springs has a high military population with both active duty and retired personnel. Fort Carson Army Base, the Air Force Academy, Peterson AFB & Schriever AFB, Cheyenne Mountain AFS and NORAD. are all located in the Colorado Springs Area.
The area is continuing to see an increase in short sales for GI borrowers when they must relocate during 
their PCS moves (permanent change of station). VA Short Sales are called “Offers in Compromise“, “Compromise Claims” or “Compromise Sales”. The VA may accept a Compromise Sale if the cost to the VA is determined to be less than that of foreclosure.
According to the VA web site: “When a homeowner receives an offer based on current market value that is lower than the total amount of the loan payoff, the homeowner can ask VA to approve a compromise sale. VA will review the situation with the mortgage company and if approved, pay the difference between the mortgage balance and the proceeds of sale.
Sometimes the mortgage company can approve the sale on behalf of VA through our Servicer Loss Mitigation Program. In fact, a majority of the mortgage companies now have a Loss Mitigation Department authorized by VA to process VA compromise sales.”
In order to be considered for a Compromise Sale, several factors must be considered as well as there are several steps to complete:
- The property must be sold at market value
- Closing costs Read the rest of this entry »
What’s in a short sale package?
One of the most important steps in a successful short sale, is putting together the short sale package which will be submitted to the lender. A complete package can make the difference in how long it takes to get a short sale submitted.
A recent short sale package I submitted to a lender was 76 pages in length.
What should be included in a short sale package?
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
Packages can vary lender by lender, but the following is a basic check sheet of what should be included in a 
short sale package. Lenders will tell you to send a complete package.
__ Hardship Letter
This is a letter written by the seller to explain the borrower’s situation and requesting a short sale. It should describe why the borrower cannot make their mortgage payments and their fear of possible foreclosure. It should be a plea for the lender to consider a short sale.
__ Sellers Authorization
This gives the Realtor (or whoever else you designate) authorization to act as your representative in taking to the lender. Colorado has an approved Real Estate document, Seller Authorization Form
___ Paycheck Stubs – Last 2 months Read the rest of this entry »
What you MUST know about short sales on FHA loans
Colorado Short Sale Series – Part VII
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
procedures for the FHA Pre-Foreclosure sale (PFS). The PFS is what FHA calls their Short Sale. If a seller is shorting an FHA loan, here’s some of the major things they need to know:- HUD used to have a rule that required the property to appraise for at least 63% of the indebtedness , this is no longer in affect.
- HUD used to accept 82% of the appraised value as their net – now it is 88% if it sells within 30-days marketing time, Read the rest of this entry »
