Proven Track Record

If you're considering a short sale of your Colorado home, this is not a decision you should make lightly. The process can prove difficult, but it is not without its potential rewards. When you are successful with a short sale, you will avoid the damage a foreclosure can put on your record.

What is a short sale?

A short sale takes place when the proceeds of a real estate sale fall short of the balance owed on the actual loan. A short sale is generally agreed to in order to prevent foreclosure. Many times a bank will choose to allow a short sale when it believes it will result in a smaller financial loss than a foreclosure. For the homeowner, the advantages of agreeing to this process include avoiding foreclosure on their credit record. In short, a short sale is nothing more than negotiating with lien holders a payoff that is less than what they are actually owed.

Break Even Calculator - How long will it take me to break even? Should I do a short sale or a loan modification?

How to find an Colorado Realtor experienced in short sales.

You've made the decision to avoid foreclosure by short selling your home. Now, however, you have to figure out how to hire an Colorado short sale Realtor experienced with the process. In this regard, experience is absolutely critical. You need to hire someone who has the expertise to do the best job for you. Essentially, you want a Realtor who knows all the rules, laws, tricks and tips associated with the short sale process. Short sales are an old-becomes-new-again concept. This is so much so, in fact, that many real estate professionals simply do not have the skill set, knowledge and expertise that is required to educate distressed homeowners and walk them through the process. This is truly a unique specialty and should only be handled by a pro who has taken the time to learn about short sale proceedings and has the experience behind them. Unfortunately, there are many misconceptions and myths about short sales. A real pro can debunk these misconceptions and support homeowners with the expert guidance this process really demands.

Make sure you hire the right short sale real estate agent.

Making the decision to hire the right short sale Realtor experienced in short sales is a critical decision. When you hire someone simply to sell your home, the worst thing that can happen is you choose the wrong agent. In this case, you can hire another agent rather easily. But, if you hire the wrong Realtor, the worst-case scenario becomes even darker. The wrong move here can send your home into foreclosure and put a major dent in your credit. You only have a small window of time to get a home sold before foreclosure moves forward. It is imperative to make the right choice in agents.

Who is an experienced short sale Realtor?

It can be very difficult to determine who is truly an experienced short sale Realtor. So many agents in the Metro Denver area claim to be specialists that sorting through it all is no easy chore. This article is designed to help you tell the difference between a real pro and someone with less-than-desirable experience. The truth is negotiating with a bank is a full-time job and then some. Too many Denver area Realtors try to do it all. Too many agents try to do the full-time job of marketing homes AND the full time job of negotiating with banks. The long and the short of it is both jobs suffer.

Below is a small sample of our Short Sale successes:

Sold Date	Address	Mortgage Debt Owed	Short Sale Sold Price	Difference
06/09/2012	E lake Drive,Centennial	$311,000	$269,000	$42,000
05/09/2012	Mercury Cir, Lone tree	$305,000	$225,000	$80,000
05/04/2012	Sky Meadow Lane, Golden	$1,320,000	$860,000	$460,000
05/05/2012	Cumberland Rd, larkspur	$625,000	$457,000	$167,000
04/30/2012	Grey Swallow St, Brighton	$220,000	$130,000	$90,000
05/01/2012	S Buchanan Cir, Aurora	$460,000	$257,000	$203,000
04/24/2012	S Quail Cir, Littleton	$170,000	$129,000	$41,000
04/09/2012	S Corona St, Englewood	$210,000	$100,000	$110,000
04/23/2012	E Nichols Pl, Centennial	$405,000	$290,000	$115,000
04/17/2012	Sweet Water Rd, lone tree	$332,000	$280,000	$52,000
04/04/2012	E Trailmaster Dr, Parker	$395,000	$275,000	$120,000
04/10/2012	10510 Humbolt Peak Way, parker	$373,000	$225,000	$148,000
03/12/2012	8052 S Parker Rd, Centennial Rd	$445,000	$278,000	$167,000
03/30/2012	49 Bozeman Tr, Elizabeth	$361,000	$232,000	$129,000
03/28/2012	4042 S Lisbon Way, Aurora	$305,000	$225,000	$80,000
03/06/2012	S Ogden St, Englewood	$310,000	$210,000	$100,000
02/21/2012	Plateau Dr, Cherry Hills Village	$1,402,000	$906,000	$496,000
02/29/2012	Cherokee St, Denver	$381,000	$313,000	$68,000
02/12/2012	E 112th #20, Northglenn	$190,000	$137,000	$53,000
01/31/2012	E Greenwood Lane, Greenwood Village	$2,409,000	$1,750,000	$659,000
01/31/2012	W 67th Circle, Arvada	$353,000	$269,000	$84,000
01/27/2012	W. Florida Ave, Lakewood	$204,000	$90,000	$114,000
01/03/2012	Paragon Way, Castle Pines	$1,821,000	$1,000,000	$821,000
12/28/2012	S Ammons St, Lakewood	$163,000	$137,000	$25,000
12/28/2012	Marion Ct, Englewood	$405,000	$275,000	$130,000
12/20/2012	S Albion St, Centennial	$401,000	$175,000	$226,000
11/15/2011	123rd, Brighten	$302,000	$175,000
11/04/2011	104th, Denver	$241,000	$103,000	$138,000
12/19/2011	Quay, Arvada	$405,000	$279,000	$126,000
12/16/2011	Albion, Centennial	$355,000	$172,000	$183,000
10/10/2011	Olive, Denver	$341,000	$175,000	$38,000
10/18/2011	Utica, Denver	$168,000	$120,000	$48,000
12/02/2011	Wadsworth, Lakewood	$363,000	$195,000	$168,000
10/01/2011	Krameria, Denver	$289,000	$260,000	$29,000
09/20/2011	Canyon Rim, Englewood	$181,000	$95,000	$86,000
09/02/2011	Big Cannon, Englewood	$621,000	$520,000	$101,000
12/09/2011	Ammons, Lakewood	$164,000	$138,500	$25,500
10/27/2011	Emerson, Denver	$404,000	$292,000	$112,000
08/22/2011	Dorado, Aurora	$291,000	$170,000	$121,000
10/17/2011	Eagle Run, Parker	$352,000	$255,000	$97,000
12/13/2011	Benton, Castle Rock	$202,000	$130,000	$72,000
12/29/2011	Paragon, Castle Rock	$1,910,300	$1,000,000	$910,300
12/05/2011	Flower Mound, Parker	$487,000	$358,000	$129,000
12/15/2011	Marion, Centennial	$342,000	$275,000	$67,000
08/15/2011	112th #24, Northglenn	$202,000	$135,000	$67,000
09/27/2011	Reed	$362,000	$242,500	$119,500
4/21/2011	8th, Denver	$239,000	$160,000	$79,000
6/23/2011	Scarlet, Morrison	1,200,000	$840,000	$360,000
6/23/2011	York, Denver	$345,000	$310,000	$35,000
6/27/2011	Gaylord, Denver	$425,000	$267,000	$158,000
5/05/2011	Merchant, Parker	$586,000	$340,000	$246,000
7/28/2011	Raleigh, Castle Rock	$176,000	$140,000	$36,000
7/22/2011	Appleton, Castle Rock	$511,000	$390,000	$121,000
7/12/2011	Ida, Centennial	$377,000	$275,000	$102,000
7/08/2011	University, Denver	$540,000	$330,000	$210,000
6/03/2011	92nd, Thornton	$145,000	$88,000	$57,000
5/31/2011	Morgan, Elizabeth	$272,000	$205,000	$67,000
5/10/2011	Forest Hill, Littleton	$251,000	$149,900	$101,000
5/03/2011	Oakwood, Castle Rock	$98,000	$38,000	$60,000
5/3/2011	1211-1203 23rd, Denver	$922,000	$560,000	$362,000
4/29/2011	Perry Park, Sedalia	$375,000	$534,000	$159,000
4/28/2011	Rita, Castle Rock	$492,000	$347,000	$145,000
4/19/2011	Vassar, Aurora	$225,000	$145,000	$80,000
4/12/2011	Long, Littleton	$404,000	$271,268	$132,732
3/30/2011	Wewatta, Denver	$841,000	$705,000	$136,000
03/25/2011	Gould, Castle Rock	$505,000	$350,000	$155,000
02/18/2011	Saybrook, Denver	$239,000	$180,000	$59,000
2/10/2011	Topaz Vista, Castle Rock	$643,000	$390,000	$253,000
1/24/2011	Brushwood, Castle Rock	$331,000	$243,000	$88,000
12/15/2010	Grant, Denver	$625,000	$305,000	$320,000
12/03/2010	Quemoy Way, Aurora	$245,000	$183,000	$62,000
11/24/2010	Caddy Ct, Colorado Springs	$380,000	$289,000	$91,000
11/18/2010	Hoover Ct, Grand Junction	$270,000	$189,000	$81,000
11/2/2010	Empire St, Aurora	$175,000	$83,000	$92,000
10/22/2010	Las Animas, Colorado Springs	$385,000	$242,000	$143,000
9/29/2010	Mineral Pl, Centennial	$390,000	$253,000	$137,000
8/5/2010	Woodmont Way, Castle Rock	$1,139,000	$645,000	$494,000
7/15/2010	Hurd Ln, Avon	$471,000	$262,000	$209,000
7/13/2010	Abilene Cir, Aurora	$328,000	$220,000	$108,000
7/6/2010	Jessica Ct, Colorado Springs	$251,000	$200,000	$51,000
6/10/2010	Pebble Creek Way, Littleton	$188,000	$140,000	$48,000
6/9/2010	Danube Ct, Aurora	$269,000	$195,000	$74,000
5/20/2010	Shadecrest Pl, Highlands Ranch	$557,000	$352,000	$205,000
5/6/2010	Coal Mine St, Firestone	$405,000	$235,000	$170,000
4/20/2010	Chesterfield Rd, Castle Rock	$306,000	$219,000	$87,000

What makes an experienced short sale specialist an expert?

Easy! It's an agent that can concentrate on the marketing of your home and has a team of negotiators available to concentrate on negotiating with your bank to get you the house short sale you need to reduce damage to your credit. You want an entire team working for you - not just one person who is trying to be a jack of all trades!

 

Advantages of working with a team of short sale specialists:

#1. Contacts at the banks: When you work with a Realtor who is backed by a team, you'll have people who are accustomed to negotiating with the banks all the time. This means they bring established contacts to the table that a single Realtor could not possibly have. It's almost like having a partner you can contact in every bank.

#2. Ability to sell your house quicker: Banks are starting to cut the commissions they will offer on a short sale home. This means when a buyer's agent sees your short sale will pay a small commission, it is less of an incentive for them to sell your house. A professional short sale negotiator is better able to protect the commission for real estate agents so other Realtors want to sell your home over the other houses that offer lower commissions. The bottom line is that your home gets sold faster!

#3. Time dedicated to negotiating your short sale: A Realtor who doesn't have a team of specialists will only have a very limited amount of time to contact and negotiate with your bank. Time is crucial when an auction date is approaching. A Realtor without a team just doesn't have the time available to get a short sale house sold before it goes into foreclosure. many calls in the negotiation process start at 5:00 AM, depending  on the Bank location.

How does a short sale affect my credit?

There is no way around it; both foreclosures and short sales will impact your credit. Credit is affected by late payments and delinquency on your mortgage. A short sale, however, damages your credit much less than letting a property go back to a bank through a foreclosure process.

Ultimately, the difference between short sale and foreclosure is realized in the future. There is a heavy advantage when it comes to purchasing a new home. If a bank forecloses on your property, you must wait two to five years before even attempting to buy a new home. When you complete a short sale, the wait is only about two years, according to current Fannie Mae guidelines.

It is a good idea to consult with a tax accountant (CPA) or lawyer to discuss your credit situation. Remember, everyone's situation is a little different. You may be charged by these professionals, but the right information could save you a lot more in the long run, which is important for new purchases down the road.

Will a 1099 be issued when a short sale is completed?

Federal law generally requires that any debt that is canceled or forgiven by a lender be included as income on a borrower's tax return. The amount of forgiven debt is identified on a 1099. When you are considering a short sale to avoid foreclosure, it is best to speak with a CPA or lawyer to determine whether the income identified on the 1099 is taxable.

What about a deficiency against me during the foreclosure process?

The Colorado Foreclosure Statutes apply to a deficiency when it applies to Mortgage debt. Those conditions differ based upon the method of execution pursued by the lender. If the lender forecloses with a trustee's sale, then the lender cannot come after the borrower for a deficiency if the specific conditions are satisfied. However, those conditions do not make a distinction between owner occupied, home improvements or cash out. The only risk of a deficiency judgment exists if the lender pursues a judicial foreclosure, in which case the lender can get a deficiency judgment against the borrower if the debt is not purchase money. Home improvements and cash out are not protected. Again, it does pay to get expert advice from a lawyer when considering a house short sale.

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