In the land of news and media, most stories that grab the headlines are doom and gloom.  So it's nice to share a story with a happy ending.

A few months ago I was working with a young couple who were looking to buy their first home.  And like a lot of buyers in the Colorado Springs Real Estate Market, they selected several Short Sale and Bank-owned properties.  One of the major challenges of our current MLS search system is that it won't flag these homes.  So if you're a buyer looking online, you just see a great deal...not that it's a Short Sale.

The challenge of writing a buyer contract on a Colorado Springs Short Sale is the waiting period involved.  After the seller accepts your offer, the bank can take anywhere from 2 weeks to 4 months to approve it.  And there's no guarantee that they will. 

However, if you can be a little patient (and don't need to move into a home right away), you can get a great price on a nice home.

Knowing the challenges and the opportunities involved, my buyers decided to make an offer.  After the bank busted our initial time table of 3 weeks for an answer, the buyers decided to give them 7 more days.  And at the end of that week, the bank came back and approved a sale that was about $20,000 less than the exact same model down the street was selling for.  And the bank paid for their closing cost to boot!

My clients moved into their home a few weeks ago (which was very well maintained) and are absolutely thrilled with their first house. 

Knowing the process allowed me to counsel these new home buyers on what to expect.  And going in with reasonable expections, knowing that nothing was guaranteed, they ended up with a great home for a great price.

Learn more about Short Sales:

Short Sales in Colorado Springs and El Paso County Part 1 - What is a Short Sale?

Short Sales in Colorado Springs and El Paso County Part 2 - Do You Qualify?

Short Sales in Colorado Springs and El Paso County Part 3 - Pros and Cons

Short Sales in Colorado Springs and El Paso County Part 4 - The Short Sale Process

Contact me if you have more questions about Short Sales or want work with a Colorado Springs Short Sale Realtor to buy your next home.

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 322-4645

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Jamie is a residential Colorado Springs real estate and Colorado Springs Military Relocation specialist, providing buyer and seller services for both traditional and short sale homes.

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