Call Chuck: (719) 231-5525

Colorado Springs RE/MAX Properties, Inc. 

Your Short Sale Resource Center!

With a Short Sale, the Bank Pays All The Fees!

     

Welcome to chuckwartman.com, with RE/MAX Properties, Inc. Your source to search real estate for sale in the Colorado Springs area. 

SHORT SALES:

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. 

Here is a list of required documentation to perform a Short Sale in Colorado Springs. If you or someone you care about is falling behind on your mortgage and owes more on your home than it is worth in today's market, you are not alone. Contact me today and let's get started! 

Avoid Mortgage Scams!. There are some warning signs to look out for. This link gives a printable PDF flier of what to avoid.

Chuck Wartman of RE/MAX Properties, Inc., can assist you with a variety of real estate services, such as assisting buyers to find their next Colorado Springs real estate property or Colorado Springs home, and assisting sellers in selling their Colorado Springs home or Colorado Springs real estate property and getting the most for their Colorado Springs real estate property.

Are you looking to buy Colorado Springs real estate? Are you looking for something particular? Please let us assist you find your next Colorado Springs home by completing our VIP Home Request form. We will send you listings that match your criteria as soon as we get them.

Are you selling real estate in Colorado Springs? Need to know how much your home or real estate property is worth? Feel free to request a FREE Home Value Request. Tell us a little about your Colorado Springs home or real estate property and we will let you know how much you can expect to earn from your property.

Buying or selling your next Colorado Springs home or Colorado Springs real estate property can be the single the most important transaction in your life, therefore it is important you work with someone who has the experience, professional expertise and integrity to make your next Colorado Springs real estate transaction pleasurable and stress-free.

A Quick Overview of the Short Sale Process in Colorado Springs

At one time short sales were done infrequently. In recent years they have become more and more a common way for a seller to sell there home. If you have a home that is underwater and you have to move or cant afford it then this is a great option rather than walking away from it or just giving up and letting it go into foreclosure. The process to market the home and get an offer is similar to doing a traditional sale.

1. Find an agent that knows short sales http://www.ChucksHomeRescuePlan.com

2. The agent lists the home for the current fair market value. - It's important to note here that the banks go off of the current value of the home not what it is you owe them.

3. You gather all the paperwork that the Realtor will need to send to the bank for the short sale department. - This is often the most annoying part for the sellers but can kill a short sale quicker than anything. If the bank is missing one item it stops the entire process in it's tracks. Items needed may vary but usually consist of 60 days bank statements, 30 days pay stubs, Hardship letter, monthly financials showing what comes in and what goes out. 2 years tax returns.

4. Once an offer is received the packet is put together by the Realtor and sent in to the bank.

5. The bank assigns a negotiator that will order a valuation of the home from a third party. It can be just another CMA from a different Realtor or a full blown appraisal. This is the value that the bank will use to determine if the offer is good or not. 30 - 60 days

6. Once the value is given to the bank the negotiator sends it to the investor that owns the mortgage to see if t meets there criteria. If the Realtor and negotiator are on it then it should be approved or at least receive a counter.

7. If the offer is accepted then the bank will send an approval letter to the listing agent. This letter will give a close no later than time that everyone needs to meet, usually 30 days. This is also important because the bank many times will put in the approval letter that they are waiving the right to pursue any deficiency. That's a good thing. You have to talk to your CPA about all the tax stuff.

8. At this point the dates in the contract go into effect such as inspection, loan, and appraisal deadlines. Usually short sales are sold as is. The inspection is for the buyers peace of mind.

The times and steps above are not written in stone but are a good example. If your loan is FHA or VA, then the banks will have a slightly different flow. The good thing about those short sale is that the VA and FHA tell you upfront they will not pursue a deficiency. The trouble with them is that if the valuation comes in too high (verifiably too high) that it can be almost impossible to get up corrected until 6 months go by

Short Sales are a niche in real estate that some Realtor's, like myself do and other Realtor's hate. For this reason I can not stress enough to find a Realtor that does know the intricacies of a short sale.

(719) 231-5525   Colorado Springs Short Sale Agent

Your Colorado Springs Short Sale Agent