If you bought a home in the Colorado Springs area or El Paso County from 2004-2006 & are behind on your payments, You need to read this series!
A combination of re-adjusting ARMs (Adjustable Rate Mortages) and a slow real estate market has created some tough times for many home owners in the Colorado Springs area. It's a recipe for missed payments...which can snowball quickly into bad situation. Late payments can lead to foreclosure and a foreclosure is not a pretty picture.
A lot of these home owners are good people that simply find themselves in a tight spot. It's a stressful experience and they want a way to clean up their situation and get back on track with their lives.
Fortunately for home owners, there may be hope.
If you are already late or have received a Notice of Default from you lender, you still have options. This series will focus on one option in particular: a Colorado Springs Short Sale.
What is a Colorado Springs Short Sale?
Simply put, it's when you sell your home for less than you owe.
For example, if you owe $250,000 on your home and sell it for $200,000, then it would be short the full amount required to pay off your loans. Will a lender allow you to actually do it?
The answer is "Yes, in certain cases." Since the lender is taking a loss, they will have to approve the deal. Why would they consider doing it?
A lender will consider a short sale if it would net them more than foreclosing on the home and selling it as a Bank-owned property. It's a way of making their loss as small as possible. In fact, the bank departments that deal with short sales are called the "Loss Mitigation Department."
Before moving on, it's important to know that there are no guarantees with lenders and short sales. We'll discuss pros and cons of short sales in Part 3.
In Short Sale Series: Short Sales in Colorado Springs and El Paso County Part 2 - Do you Qualify?, we'll cover the requirements needed to sell your home as a short sale.
Contact me if you're currently behind or will soon become late on your mortage payments and want to learn more about your options.
Real also:
Short Sale Series: Short Sales in Colorado Springs and El Paso County Part 3 - Pros and Cons
Short Sale Series: Short Sales in Colorado Springs and El Paso County Part 4 - The Short Sale Process
Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 322-4645
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Jamie specializes in Colorado Springs homes for sale, Colorado Springs Military Relocation, and Colorado Springs Short Sales.
"Get an Expert You Know & Trust"
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It is important to always show the property is the best possible conditions in order to generate the greatest return on your investment. My suggestion is to get the carpet cleaning done, mow the yard and give your home as much curb appeal as possible in order to avoid having to reduce your price.