The Denver Short Sale Experts
Are you considering a short sale? Or are you working on a loan modification and not getting where you need to be? Or do you feel like foreclosure is your only option? It might be time to think through and understand how a short sale can benefit you. This is a big decision that need s agreat deal of consideration, but the rewards may be exactly what you are looking for. Success with a short sale can mean avoiding foreclosure and the damage it can do to your credit record.
What is a short sale?
When the proceeds from the sale of your home do not cover the balance of your home loan your current lender may agree to a short sale. Doing a short sale would prevent you from foreclosure proceedings. Your current lender (bank) may choose to accept less than what is owed during a short sale if it believes that the loss in the short sale will be less than the loss it will take if the home is foreclosed and resold. For you as the homowner benefits from the short sale as well. Choosing to do a short sale means avoiding a foreclosure and having it on your credit record. In summary, a short sale is negotiating with lien holders a payoff that is less than what is owed.
How do you choose a Realtor for your short sale?
Choosing a REALTOR to represent you during a short sale is more important than just choosing a REALTOR. Experience with short sales is more critical than any other criteria you might have in selecting a Realtor. You need a Real Estate agent who knows the short sale process, has successfully closed many short sale transactions and knows the rules, laws and intricacies of a short sale. Real Estate agent's who aren't short sale experts just don't have the skill set, the knowledge or the expertise to educate a distressed homeowner, walk them through the short sale process or negotiate the terms of the short sale with your current lender. What education do they have, have they successfully completed any short sales and can they guide you through the process. If not, you really need to seek out a more experienced Realtor.
Hiring the right short sale Real Estate Agent
If you are facing foreclosure and need to do a short sale in order to sell your home, then choosing the right Real Estate Agent is more important than ever. You have so much more at stake then a traditional seller and therefore should use more caution when hiring an agent. Hiring the wrong agent is the worst thing that can happen because most likely it will send your home into foreclosure and put a major dent in your credit. Time is so important and you only have a small window of time to sell before your home gets foreclosed - that's why it is so imperative that you choose the right Realtor.
Finding a Realtor that is an experienced short sale expert
Be careful of the agents that claim to be short sale experts or specialists. Quality experience is so importa in determining a pro from someone with less-than-desirable experience. Negotiating with the bank is a full-time job and then some. If an agent is trying to do the full-time job of negotiating with banks and the full-time job of marketing homes you can be sure that both jobs will suffer and neither will be done as well as they should. You don't want either to suffer.
Here are a few of our recent experience and sucess with short sales, all areas, all price ranges:
| 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 |
Do you need a short sale team?
We believe you do and here are the reasons:
- Contacts at the banks: We have negotiators who are accustomed to negotiating with the banks all the time. We have established contacts that individual Realtors do not have. It's like having an associate or partner to contact at every bank. That contact is key in getting your short sale negotiated quickly.
- Your home SOLD quicker: Banks may cut commissions making your home less attractive to the buyer's agent who no longer has as large of an incentive to sell your home. Our professional negotiators are better able to preserve the commissions so that Realtors will want to sell your home. This is key in getting your home sold faster. You won't be able to compete with other homes if you are offering the buyer's agent a smaller commission.
- Dedicated to investing the time it takes to negotiate your short sale: Our time is not limited like the Realtor who is trying to do marketing and short sale negotiating. Our team of specialits invests the time it takes to negotiate your short sale quickly. This is so important when you only have a limited amount of time before your home goes to foreclosure sale or auction. If an individual agent is handling it they may not get the negotiations done before the home goes into foreclosure.
Will a short sale affect your credit?
Both short sales and foreclosures will impact your credit, there's just no avoiding that. However, the damage done can be minimized with a short sale, more so than the damage done in a foreclosure.
You repeat the benefit of the short sale in the future when you buy your next home. With a foreclosure you have to wait 2-5 years to buy another home, but with a short sale the wait is only about two years.
We suggest that you consult a tax accountant (CPA) or a lawyer to discuss the advantages and disadvantages of your current situation.
Will you be sent a 1099 after a short sale?
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.
Deficiencies and the short sale process
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, we recommend you get expert advice from a lawyer when considering selling your home as a short sale.
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Realty Oasis
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