Posts tagged Residential Properties
Colorado Springs Real Estate: Short Sales Save the Day
Mar 10th
Short Sales are the hot real estate topic in Colorado Springs.
Faced with foreclosures, banks and homeowners are working with industrious market professionals to sell property at lower costs.
If a homeowner is behind on payments and is in danger of foreclosing, a realtor can assuage the situation with a short sale.
Short sales are tricky, though. According the Colorado Springs Business Journal, it takes a dedicated, savvy realtor to complete the process.
The article reports:
There are several keys to the process, but one of the most important is to contact the borrower’s lender. That’s a lot easier when the lender is local. Otherwise, you end up spending hours trying to track down loan information — and even more to get current home values, public records or to work through loan serving companies.
Short sales are an alternative to foreclosure. They sell property for less than what is owed by the homeowner. They offer the lender roughly 80% of the property’s value, which, obviously, is better than losing out completely.
A foreclosed home faces challenges. Banks need to reestablish its value. If the home is damaged, they need to pay for repairs. Broker commissions are often high, and it may takes many months or even years to sell the property again.