Denver Short Sales
What Is A Short Sale?
A short sale is the sale of real property where the total amount owed by the home or property owner is greater than the current fair market value of the property.
A Homeowner Is "Short" When:
A borrower owes an amount on his property that when combined with closing costs and commission is higher than current market value.
A Short Sale Occurs When:
A negotiation is entered to with the homeowner's mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is "sold short".
Signs Of Being A Short Sale Candidate:
- You are at risk of or have fallen behind on your home payments.
- The mortgage company is calling you or threatening foreclosure.
- Your outstanding loan balances are greater than what your home is worth.
- You have suffered a hardship which leaves you with limited or no money to pay your home mortgage.
Do I qualify for a short sale?The qualifications for a short sale include any or all of the following:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What Are Some Options?
- Continue making your payments and wait until the market improves and your home value exceeds your debt.
- Work out something with your lender to reduce your rate or payment.
- Sign your deed over to your lender, via a deed in lieu of foreclosure.
- Quit making your payments and lose your home to foreclosure.
- Contact the Colorado Foreclosure Hotline ~ 1-877-601-HOPE.
- Complete the form below or contact us and let us help.
Why Has This Happened to Me?
First of all, you are not alone. This situation has happened to many home owners in this market. Adjustable rate mortgages and decreasing home values are often major components in bringing homeowners to this situation. Second and sometimes third mortgages and lines of credit are also contributing factors.
How We Can Help?
Fill out the form below and we will be glad to visit with you about your current situation. We will provide you with a free Competitive Market Analysis so you can compare what you owe against your home's value as established by one of our licensed REALTORS®. Then armed with all available information, you can decide which option is best for you. We provide you the information, you decide. We are are not going to tell you what you might want to hear but be assured we will tell you the truth and we will represent your interests at all times while selling your home.
When you have exhausted your means of making your mortgage payments and wish to avoid slipping into foreclosure, contact us for help.
What Is The Typical Short Sale Process?
- You complete the form below, contact us, or give us a call.
- The assigned specialists on our team will consult with you to evaluate your situation.
- We'll complete a market analysis to estimate your home's value and compare to your required payoffs.
- Our team will contact your mortgage company to inform them of our intent to sell the property for an amount that is less than what they are owed.
- Your broker lists the property for sale and aggressively markets it to investors and home buyers via the MLS and other marketing media and venues.
- You receive one or more offers on your listed home from an interested buyer.
- Your broker takes the offer back to the mortgage company and negotiates a deal.
Complete This Form Below To Begin
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