If you are facing imminent foreclosure, you should know that you have options. There are ways that you can stop foreclosure and save your credit rating. Just one of those ways is a Colorado Springs short sale. A short sale is an agreement made between you and your mortgage company that allows you to sell your property for less than what you owe on it.

A short sale is a tool that helps minimize loss for all parties involved. The mortgage company can recoup a good portion of the defaulted debt while the homeowner can protect his or her credit rating from foreclosure. During Colorado Springs short sales the mortgage company allows the homeowner to sell their home through a real estate agent at a discounted price. The monies earned from the sale go directly to the mortgage company, and the remainder of the debt is either forgiven or charged back to the homeowner.

Before a short sale can occur, however, the mortgage company has to agree to it. So, if you are thinking about trying to avoid foreclosure through short sales in Colorado Springs, you need to sharpen your negotiating skills. Following are a few tips that will help you negotiate a short sale with your mortgage company:

• Keep the lines of communication open.

It is a natural reaction to want to avoid your debtors when you start to fall behind on payments, but you can’t. You need to communicate with your mortgage company from the onset of your financial problems if you want them to agree to a Colorado Springs short sales later.

• Learn all you can about short sales.

Knowledge equals power, especially when dealing with lenders that aren’t very forthcoming with information. If you know the ins and outs of short sales, you will be able to hold a conversation with your lender without feeling like you are being led around in circles.

• Ask a real estate agent to help you.

An agent can help by giving you vital information about your local housing market. You can use this information to customize your Colorado Springs short sale offer. For example: If similar homes are selling quickly in your neighborhood, you can pass this information along to your lender. They might be more open to a short sale if they think that it will be finalized quickly.

• Keep it professional. Put all offers in writing even if they are made over the phone. Be sure to take notes and write a letter after the conversation stating all that was mentioned in the conversation and send it to your mortgage company.

If the thought of negotiating a short sale in Colorado Springs by yourself sounds daunting, then find a good Short Sale Service to do the work for you. We offer a Full Service Short Sale package that covers everything from putting your home on the market and finding a buyer to negotiating the entire short sale on your behalf.  And it won't cost you one red cent out of pocket. 

Learn more about our Short Sale Service and find out if you qualify for a short sale today!

Wanna learn more about short sales?

Checkout the Short Sale Series:

Colorado Springs Short Sales Part 1 - What is a Short Sale?

Colorado Springs Short Sales Part 2 - Do You Qualify?

Colorado Springs Short Sales Part 3 - Pros and Cons

Colorado Springs Short Sales Part 4 - The Short Sale Process

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 685-8200

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Jamie specializes in Colorado Springs homes for sale, Short Sales and Colorado Springs PCS Services,

"reinventing real estate

just for you"