KAT, A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake
KAT, A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake
KAT, A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake
Do you have questions about buying a Colorado Springs home that is noted as a "short sale"? Here are some of the most frequently asked questions I often hear from buyers, along with a brief answer.
1. Is the Short Sale negotiation process the same for a short sale as for a regular sale?
Yes, except that there is one EXTRA layer: After the buyer and seller agree on a price and terms, the seller's lender (or lenders) and other lien holders must also agree on the offer. This can add anywhere from a month to 5 or 6 months to the process.
2. Are loans types the same for a short sale as for a standard home purchase?
The type of loans a buyer can use are the same as for a standard real estate transaction. But if the property is not in good condition, a buyer may not be able to use a VA loan or a FHA loan; as the property may come back with conditions from the appraisal process; and most sellers in a short sale situation don't have the funds to make the requested repairs. Most short sales are sold "as-is".
3. What are some of the disadvantages of buying a short sale property?
It can often takes the seller's lender(s) and lien holders a long time to respond to a offers, and a buyer can become frustrated and give up. Also, some Realtors accept offers from several buyers, and submit all of these offers to the lender(s). Consequently a buyer may be "bidding" by competing against others prospective buyers.
If a buyer needs to have a house to move into in a month, a short sale is not a good option for them. There is no guarantee on how long it will take the lender(s) to respond.
4. What are the advantages of purchasing a house that's a short sale?
A short sale house may be priced slightly below market value. But they are not at fire-sale prices. But they can often be a good deal for buyers.
But for the best value, REO's are usually priced lowest of all types of houses.
5. How do I know if a house is a short sale or an REO or just a standard sale?
When viewing houses on various MLS-type databases, it may or may not be noted. Your Colorado Springs Realtor® can let you know for sure by checking the local multiple listing service database.
KAT, A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake
KAT, A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake
KAT, A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake
KAT, A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Woodland Park, Palmer Lake
Market Report for Southeast Colorado Springs - Single Family Homes
Neighborhoods Include: Spring Creek, Pikes Peak Park, Southborough, Eastborough
The Southeast area of Colorado Springs housing market continues to be a BUYERS Market, as there is currently a 3.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Sales are only 16% from 2007, but average pricing is only down 9.5% from 2007. 344 Single family homes have been sold in 2009 vs. 275 for the same period in 2008; an increase of 22%.
Current Report as of 6-14-09
Active listings: 206
Under Contract and Pending : 45
Absorption Rate: 57.3 homes per month, a 3.5 monthly supply of houses currently on the market
This Colorado SpringsReal Estate report contains information on Single Family dwellings in Southeast area of Colorado Springs
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
The Central part of Colorado Springs housing market continues to be a NEUTRAL Market, as there is currently a 5.66 month of supply of homes on the market. A 6 month supply of houses on the market is considered a "NEUTRAL MARKET". Sales are only down 16% from 2008 to 2007, but average pricing is only down 5% from 2007 to 2008. 337 Single family homes have been sold in 2009 vs. 407 for the same period in 2008; a decline of 17%.
Current Report as of 6-14-09 in Central Area
Active listings: 318
Under Contract and Pending : 132
Absorption Rate: 56.2 homes per month, a 5.66 month supply of houses currently on the market
Central Part of Colorado Springs homes are in District 11 School District
This Colorado SpringsReal Estate report contains information on Single Family dwellings in Central Central Colorado Springs
This information is taken from the Pikes Peak Realtor Services Corp and is deemed reliable but not guaranteed.
A Colorado Springs Real Estate Agent You Can Trust
Selling Real Estate in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
lender (or lenders) and other lien holders must also agree on the offer. This can add anywhere from a month to 5 or 6 months to the process. 
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