Now more than ever, people all over the country have been suffering from financial distress. With loss of employment and poor mortgages increasing among other things, the real estate market appears to be a disaster. Unfortunately, over one out of every three home owners’ debt greatly oversees the value of their home. Keep in mind too, many homeowners feel obligated to dish out money that they do not have so that closing is possible if they were to sell their property. In some states, one/fifth of the homeowners today turns out to be delinquent when paying their mortgages. If you have found yourself trapped and you have no choice but to sell your property, do not get the impression that you are secluded from all other homeowners. As a Denver Short Sale Specialist, I am here to inform you of all of the options that you may qualify for and offer you assistance at no cost; which has helped many Denver homeowners escape the disaster of a Colorado foreclosure. You can save your credit with my help, as well as dodge foreclosure and be off to a new start.
Established in 2002, I have faithfully represented Buyers and Sellers in real estate throughout the Denver-metro area. I have been able to incorporate my previous experience as a Mortgage Banker (7 years) and Bank Asset Manager (3 years) into my growing Realtor service. I am a CDPE (Certified Distressed Property Expert) and I am here to help you. For Homeowners experiencing hardship with their mortgage, feel comfortable knowing that I have an extensive background on the bank’s Short Sale procedures and required documentation to get the short sale accepted and successfully closed.
What exactly is a Denver “short sale” in Real Estate?
A short sale is a process of which you sell your home for less than what it is worth. Short sales often occur in real estate when a lender comes to agreement in accepting a shorter pay off amount on a loan rather than what is owed to their property. When a Colorado short sale is in action, the borrower will be indebted more on their loans and liens versus their property’s worth at its current market value. Also, a lender will only agree to a short sale generally when the borrower can give account that they are in some type of hardship.
How do I qualify for a short sale in Colorado?
There are normally three qualifications required for a Denver short sale. First, there is financial hardship. Such hardships that qualify are: loss of employment or income, divorce or separation, relocation or job transfer, property in need of repairs without resources to make repairs, major sickness and medical expenses, death of a family member, vacant rental properties, etc. The next qualification would be that the proceeds of the sale of the property, after all closing costs are paid, are less than the amount currently owed on the home. The final qualification would be Financial Insolvency (no other major assets).
What are the benefits to doing a Denver short sale?
A great advantage you will get from short selling your home is that your record will usually recover within two years, which will give you the time to pay off old debt, establish your credit once again, and qualify for loans. Simply put, your credit history will read as “settled in full” or “paid as negotiated”, however, it will not be displayed as “short sale”. A short sale is not an actual item on your credit so it will usually not affect any future employment where as a Denver foreclosure keeps its title while potentially turning away employers, or even sacrificing your current job title.
Whenever foreclosure appears to be a possibility on a homeowner’s record, it is wise to do as much research on a Colorado Short Sale Realtor before a decision is reached. In the event of choosing a short sale, a short sale specialist is the correct answer to your worries. A qualified and highly trained short sale Realtor will walk you through the steps of the short sale process while being responsible for all negotiations on your behalf.
Can my current Denver short sale Realtor® help me?
Look carefully at this question. Short sales were specifically designed to be cared for by experienced Colorado Short Sale Agents who have achieved many short sales under their belt and can display the evidence. There are Short Sale Realtors who brag of taking on a short sale, but keep in mind to examine the so called proofs to those claims. Starting a short sale only to see it rejected would be heartbreaking so don’t let an incompetent Realtor who claims of being able to bring you to a successful completion of your short sale fool you. Once you seek out a Colorado Short Sale Specialist, make sure you have a list of questions you would like them to answer and be sure you are at complete ease with their assistance. Remember, proper training is important for the short sale process; however, I do believe there is no substitute for experience. A weekend training course does not make somebody an expert in short sales. I am a Denver short sale specialist and can offer you no cost assistance to guide you in the Denver short sale process.
Patrick is a Real Estate agent at HomeSmart Realty Group, covering the greater Denver area.
I am assisting Denver home owners with their short sales process and I am helping them avoid foreclosure on their Colorado homes. My name is Patrick Murray and I specialize in short sales in Denver. I am your Denver Short Sale Specialist Realtor and Denver loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.