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What is a Short Sale

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What is a Colorado Short Sale?

These past few months most likely everyone in Colorado has heard of this term, short sale, especially in the news -but anyone recently finding themselves in an unexpected financial crisis can hardly be blamed for not giving the term much attention or understand what a short sale really is.

Once you realize this course of action might be an option – you simultaneously become aware of the seriousness of complications so common to short sales. Then, just like other real estate sales, you begin to see that not all agents are created equal when it comes to this critical type of transaction. A short sale transaction, done correctly, can make the difference between being able to move on with your financial dignity intact or be subject to a devastating foreclosure that will hamper your financial choices for the next 10 years.

So what is a short sale?

It is simply getting approval from your lender(s) to permit your home to be sold for less than what you owe on it.

In today’s market, home values have plummeted to 2008 levels. Even though interest rates are lower than ever before – precious few can refinance their current mortgage because their homes have already lost serious value. In some parts of the country – the loss of value is as high as 35% of the original purchase price. Even fewer homeowners can sell their home for the same reason – loss of value. Foreclosed properties are driving values even lower.

So your lender has a process that you can utilize to request that you be permitted to sell the home for its current market value. The lender has guidelines that you must meet. The lender wants to have a complete financial picture of your situation with supporting documentation. It is a lengthy and stressful review that an educated, trained and experienced Colorado Short Sale Agent can successfully guide you through. Your goal should be to have your Colorado short sale agent get your home sold for market value and fight for you to be forgiven for any deficiency that would result.

With a trained, educated, experienced Colorado Short Sale Agent, your odds of closing the sale successfully, and surviving financially, are much higher than choosing an agent who does not know the process.

Your choice does matter – choose wisely.