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Short Sales in Colorado Springs and Beyond

I have a wealth of information about short-sales in Colorado Springs that you can receive.  Just fill in the information and I'll get right back to you.  I can provide a list of all short sales for sale and provide a checklist if you are considering selling using a short-sale.

I will get back to you right away!

Hi and thank you for your interest.  My web site is expanding and is going to be including links to some excellent books and training material for buyers and sellers, so, check back often.  So, what is a short-sale?

My definition-  A sale where a seller is asking the lender that holds the note (sometimes multiple lenders and notes) to accept less than what is owed to them so that the property can be transferred to a new buyer.   Poor definition, but I'm trying to keep it simple.  The truth is if a short sale gets approved (more on this later) the buyer gets the property free and clear of any encumbrances from loans etc. prior to their own loan to purchase the property.  Why would a lender (bank) do this in the first place?

Let's take a moment to understand the mentality and process regarding short-sales.  Foreclosures are very expensive for a bank. www.dbcolorado.com/foreclosures.htm   The bank has large time issues where they are receiving no income from their investment.  Most foreclosures can take 6 months to a year to complete and then the market time to actually sell the house.  The condition of the property after foreclosure is typically run-down affecting the market value.  So foreclosures are very expensive.  Banks know just how much the average loss is so they can figure if a short-sale is beneficial to them or not based on the offer.  It's all about the bottom line.   I'll analyze the process for the seller and the buyer now.

Buyer short sale information- Short-sale buyers

Seller short sale information-Short-sale Sellers

Please visit this site often as I am just beginning to provide articles that relate to the market and the unique opportunities available.  This page will be expanding and I'll be writing an outline of the entire short-sale process soon.  Thanks for visiting.

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Last modified: 12/11/09