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Colorado Springs Home Foreclosures — 11 benefits of a short sale
Do you own a home in Colorado Springs?
Ask for help before foreclosure starts — don’t stick your heard in the sand!
Short Sales — Part III of Short Sale Series
Previous Posts:
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Related Previous Posts:
- 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
- The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
- How long does it take to do Colorado Springs Short Sale? – Part V in Short Sale Series
- Are there tax ramifications to a Colorado Springs Short Sale – Part VI
The Benefits of a Short Sale:
- The Seller avoids a foreclosure on their credit report.
- It can help the Seller with a solution to an embarrassing situation.
- A home may be spared abandonment. (Some short-sales homes are vacant, but they typically aren’t abandoned)
- The Buyer gets a house at a good price; and typically the home is in better shape than a foreclosed house. 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 »
Should I buy a Short-sale?
Buying a Short Sale property can be a great way for a home buyer
in Colorado Springs to get a good deal
Make sure you understand the facts of a short sale — Knowledge is Power!
Related posts:
What is 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. 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.
Some statistics say that a lender typically loses about Read the rest of this entry »
