So, you are currently ceasing a foreclosure for your property? Now what should you do? There are a lot more property owners stuck in the same situation. Mortgage default can include reasons like income loss, extended finance obligations, employment loss, chronic illness, divorce, etc. With a strict business viewpoint, property owners can analyze the most suitable options for their requirements helping them resolve their financial troubles. Time is of essence, so quick action is required to hand yourself with enough time for completing the selected processes.
Thus, short sale experts are the need of the hour for avoiding foreclosure on property. Being highly experienced professionals in their field they’re driven to curate win-win solutions for purchasers and also for sellers facing bank foreclosure. The best ones can clear the issue possibly within just two days.
In real state a short sale occurs when lender (Mortgage Company, bank, etc.) is resolved with less than left out balance on the mortgage that the property owner owes. Such type of sales has earlier happened due to stressed out economic state including decline of house prices in a lot of cities countrywide.
Why does a lender accept a short sale?
In a lot of cases the lender generally saves money for closing costs on property even while knowing that they’re still going to lose their money. For property owners who are most likely upside down or behind on mortgage, meaning the owed value on property is higher than the present market value, the less damaging option for credit rating is the short sale and seller might qualify quickly for the new loan.
With the property going to foreclosure, the former owner may find it hard to get willing lender for their other property.
Property can qualify for short sales only after:
- The property owner demonstrates thorough comparisons for other similar properties for representing the drop in market value.
- The property owner should show so that they are about to have default on their mortgage payments.
- They should attest, with writing, that they have fallen with hard times with troubles such as diodes unemployment or any medical emergency.
- Property owners shouldn’t have any assets (such as cash investments and various other properties) helping the lender point out as potential sources for meeting the mortgage payments. Property owners are with a qualified purchaser who accepts their short sale.
- Property owners must have lenders who are agreeing with their short sale. In most cases lenders might agree to actual short sales offer price, an agreement to make up for the difference in the future.
What to Look out for with Short Sales
For your property to qualify in short sale:
- You should demonstrate, thorough and clear comparisons with other properties of similar nature.
- You must indicate that your property value has significantly dropped.
- You should show that you’re close to having the default payments for mortgage.
- You should attest in the writing, that you’ve “fallen on the hard times” through various things like divorce, unemployment and medical emergencies.
- You shouldn’t have assets (like cash investments along with various other properties) that lender can point as source for meeting payments of mortgage.
- You should have qualified buyers who are willing to accept short sales.
- The lender should agree to short sales. Lenders would agree to actual short sales price and offer agreement for you to make up the whole difference some date later.
Real estate industry was little under prepared for high short sales volume that occurred years earlier. While recognizing different challenges, the federal government proposed different guidelines that lead to increase in incentives for lenders and sellers for working out short sale and for speeding the entire process up.
The short sales are specialized type of real estate transaction. You should work with knowledgeable and qualified REALTOR with a lot of experience in short sales for ensuring that all transaction elements properly take place.
Getting in Touch with Short Sales Professionals from Colorado
The professional team of short sales experts in Colorado can easily support higher amount of transactions for real estate. For the short sales, professional short sales experts represent sellers in distress, and bargain hunting buyer and also even consult with lender. Dedicated “coordinator for short sale” must be assigned.
By coordinator we mean an expert who has been into negotiation processes with a lot of local market short sales. These experts know how it can be done professionally. Short sale professionals also employ team approach for better success probability. The paperwork has to be filed in time, and the pricing should be negotiated, with communicated details. Someone from the team is always available to clear your queries.
Short sales professionals have local market expertise for townhomes, condos as well as single family houses around Colorado. These experienced professionals also specialize in representing sellers and purchasers from the mountain communities and on great plains, and anywhere else in the Colorado region.
The short sales experts specialize in golf communities, HUD homes, luxury condominiums, luxury homes, distressed real estate, horse properties, investment properties, bank judgments, lender liens, avoiding foreclosures, and other different types of transactions and products.
The professionals in short sales field are expert in their major and are fully insured and licensed with a rich history of marketing hundreds of properties around Colorado since many years.
Starting Short Sales with the help of Experts in Colorado
Because of the current market conditions if you’re also willing to get a sale in short amount of time, then it’s time to get in touch with the experts. Here’s what you must look out for:
Experience
The short sales coordinator must have successfully negotiated plenty of short property sales in Colorado.
Support
A team approach must be utilized for providing you best opportunities for successful short sale process.
Integrity
These must be insured and licensed in Colorado with the appropriate training for offering homeowners with exceptional services.
Knowledge
They should have a working background with mortgage lenders for understanding guidelines and requirements.
Marketing
Short sales professionals are experts in marketing and they can considerably market your property to help you fetch better offers and ultimately get quick and easy sales.
To get an idea about their knowledge and effectiveness in the real estate sector you can get in touch with them. Before agreeing to listing the house for the short sale process, you should be sure for checking with accountant or attorney for determining tax and legal issues that you require knowing about before you act.