Many sellers assume they are eligible for a short sale without speaking to their bank first. Home sellers with an FHA loan need to be aware of a factor that may not allow them to short sale their property. Home owners who rented out their property for 18 months or more are not eligible for […]
Buyers now are aware that there isn’t anything short about a short sale when it comes to waiting for bank approval. Many banks have taken steps to expedite the process but let’s face it, short sales take time. Buyers who have flexible living arrangements and have time to wait have more of an advantage over […]
There is no doubt about it, short sales can be difficult when you are the owner. The banks require an enormous amount of information and paperwork from the seller and a short sale transaction can take time to complete. When you reach the end, as a seller, you are happy the short sale is closed […]
Home buyers in Colorado Springs are likely to come across short sale properties for sale during their home search. Although short sale properties can often be purchased for below market value, buyers should take a few things into consideration before committing to a short sale. 1.) Interest Rate: Buyers can often lock the interest rate […]
It is not uncommon for home owners that are facing a short sale situation to have more than one lien on their property. The second lien holder may approve the short sale of a property but may not necessarily forgive or cancel the debt still owed and require the home owner sign a promissory note at […]
A property becomes a short sale listing when the homeowner owes more on the mortgage than what the property can be sold for in the current market. Many homebuyers are interested in purchasing pre-foreclosures since they are often listed below market value but if you expect for everything to be smooth sailing throughout the transaction you had […]
Buyers in Colorado Springs have probably noticed some of the short sale properties they have seen are double close transactions. An investor usually negotiates the short sale with the bank in advance for the seller and then finds a buyer for the property. The investor closes on the buying and selling side of the transaction in […]
Sellers in Colorado Springs need to research the tax and economic consequences prior to making the decision of whether or not to short sale their home. Until recently, homeowners who sold their home through the short sale process would be 1099ed for the difference. The homeowner used to be required to pay taxes to Uncle Sam […]
You make the decision to call a Realtor in Colorado Springs about listing your home and to discuss the implications of a short sale. My advice to home sellers in this situation is to obtain legal and tax advice because a Realtor cannot advise you in this area. Conversely, your Colorado Springs Realtor can assist […]