I thought I’d write this because here in Denver, CO we are experiencing a situation that most probably thought couldn’t happen. The situation I’m describing is that short sales are at such a high level that it is becoming more difficult to find properties that are “regular” sales. When I or my clients search homes it seems that 4 out of 5 are short sales. This creates a unique situation where the most ready, willing and able buyer can’t buy a home! Think about that. My definition of a ready, willing and able buyer is one that has money in the bank, has high credit, is qualified to purchase and most of all HAVE SOLD THEIR HOME. In previous markets, these buyers could turn right around and buy a replacement home…but now the situation is much different. These folks are finding themselves in a temporary living situation such as an extended stay hotel, living with friends or family or renting all with their possessions in storage and scattered at friend’s homes all over town. I call this temporary situation “camping” because they are living with the bare necessities and keeping stuff packed and ready to go for the next move. I have 4 clients living this scenario; one of which is my family! I am living what my clients are going through. The decent short sale homes either have offers on them that they’ve been working on for 6 months or if you are lucky enough to be the first offer, you are in for a long road. This forces many people into giving up and at best a lengthy process. My advice is to keep your spirits up, log the journey and find a good Realtor that understands the short sale process and hopefully there is a good Listing Agent; this can make all the difference in the world! It’s interesting where we are in our cycle and we’ll have stories to tell for years to come.
Denver & Parker, CO