HAFA- Home Affordable Foreclosure Alternative.  Here is some great information about the government's new HAFA program, providing foreclosure avoidance options including short sales and deeds-in-lieu of foreclosure. Here's the big picture, clearly explained.

A great Video with Distressed Property Institutes CEO Alex Charfen on the Fox Strategy Room talking about the current market, foreclosures, short sales, strategic defaults and the important role that trained Real Estate agents are playing in our markets recovery. Always work with a CDPE real estate broker when selling your property

Short sale misconceptions and myths that could end up costing you a great deal

#1 - Short sales never close or take way too long to close  

We pride ourselves in our short sale negotiation skills and are able to close short sale transactions in as little as 30 days. New regulations are making it easier to complete short sales and are forcing banks to respond to a short sale offer in a more timely fashion.There are many advantages to doing a short sale vs foreclosure. You want to consider those before buying into these common short sale misconceptions.

#2 - Lenders prefer to foreclose on a home then agree to a short sale

The foreclosure process isn't cheap and costs the banks a great deal of money. Therefore, the banks do their own market research and determine the market value of the home. They then figure out what they'd net if they foreclosed and re-sold the home. If the bank will net more in a short sale (even if the payoff will be discounted imensely) they will agree to the sale.

#3 - If the seller is not in default the bank will not approve a short sale

The bank's decision to approve a short sale is determined by the value of the home and the seller's hardship. A seller may be struggling to make the monthly payments on their home, but are current on their payments and due to their hardship still qualify for a short sale. Hardships include things like loss of a job, decress in income, job transfer, serious illness and medical bills, divorce, monthly cash-flow shortfall, and lack of liquid assets. The seller's in default might receive more immmediate attention, but that doesn't mean those not in default won't qualify as well. The bank will consider the short sale if they can see you are not going to continue to be able to afford your mortage. Therefore, you should not wait until you are in default to try a short sale. It is better to get started right away.

#4 Short sales really aren't a big bargain to buyers

Banks may take a minimum of 90% of the market value, but that can work out to be a great deal of savings to the buyer. Buyers should also keep in mind that short sales are usually in much better condition than foreclosures, which is a large savings in itself.

#5 - Agents don't make as much commissionon a short sale transaction

Banks have moved away from reduced commissions to a more traditional commission for Real Estate brokers. Fannie Mae established a new compensation policy in Feb. 2009 which allows them to pay the commission that the listing agent and seller agreed to pay, as long as it is not more than 6%. Many banks are following suit.

#6 - There is not enough time to complete a short sale

Many sellers have their foreclosure date quickly approaching and assume that means they can't sell their home fast enough to consider a short sale when in fact some banks will stall the foreclosure if they know the seller is making a good effort to sell their home. Often the Realtor can buy some time by calling the lender and asking that the foreclosure date be posponed. Many banks will agree to this and postpone the foreclosure, especially if there is a contract in place.

No Equity? No Problem! - Short Sell Your House Fast!

What is a Short Sale?

A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a Realty Oasis if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed.

Do I qualify for a short sale?

Usually if you are behind on payments or about to fall behind on your payments your lender will be willing to talk about a short sale. Also, you will need to be able to show a financial hardship. You should contact us immediately to see if you qualify for a short sale at 303-840-5086, or fill out this short sale form.

How do I benefit from a short sale?

A short sale helps to relieve the stress of being in foreclosure. You can get rid of your big mortgage payment and move on with your life while ending the harassment from your lender. The homeowners that we have helped are tremendously thankful to be relieved of the burden the foreclosure has caused.

A short sale also prevents additional damage to your credit. Some late payments have already done some damaage to your credit, however a foreclosure will do much more damage and lower your credit score.

Also it is important to note that we provide our short sale service for free.

I know I need to do a short sale, how do I get started?

Fill out this form to start the short sale process or give us a call at 303-840-5086. A representative will contact you once your information has been received to answer any further questions and discuss the process.

Below is a small sample of our Short Sale successes including homes, condos and al 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

My house is already listed for sale on the MLS but isn't selling; can I do a short sale?

Yes, you can and it is relatively common. Some lenders even require that a house be listed for sale before approving a short sale in order to show that a discount is necessary.

If you are in a situation similar to this, ask your agent about the possibility of a short sale. Do not be surprised if your agent is not very familiar with them.

I have gotten dozens of cards and letters saying they can help me with my foreclosure, but they never do, how is this different?

There are many different types of people who work with homeowners in foreclosure. Some are legitimate, some are not. Many claim to be able to work miracles on your credit or save your house. Most will either charge upfront fees or cannot really help you.

As short sale specialists, we can assure you that we will not charge you fees and that if your property meets our criteria, we can help even if you have no equity. If you have no equity for us to "steal" from you and we don't charge fees, then there is no risk for you. Our profits are created from how good we are at negotiating the bank's discount - not from your equity.

Are short sales guaranteed to work?

No. Even though short sales are increasing the banks have to approve the sale. The bank must be convinced to discount the mortgage enough to make it viable for us to buy the property. In some cases, we do all the paperwork and wait several weeks only to be denied. Again, in those cases, we eat all costs of the failed short sale and you continue to own and live in the house if you choose. If the lender does not approve the short sale, Realty Oasis has no rights at all to the property and no transaction occurs.

What if the short sale is not accepted?

If the bank doesn't accept the short sale offer, there is no transaction and the home is still owned by you and the foreclosure process continues. We have no rights to the property and you owe us no money.

How long does a short sale take?

A short sale takes approximately 60-90 days to complete and sometimes longer. This is very important. This complicated process takes time so to have the option of a short sale, you must act soon. If you wait until 1 week before auction, it will be very difficult to help you do a short sale.

I'm ready, how can I contact you?

Fill out this form to contact us about your short sale. A representative will contact you once your information has been received to answer any further questions and discuss the process.