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 |
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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