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short sales in colorado springs

5 things you need to know before offering on a short sale

By in Buying On May 11, 2012

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…

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5 factors to consider before offering on a short sale

By in Buying On January 30, 2011

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…

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Short Sales and Promissory Notes

By in Selling On June 25, 2010

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…

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Colorado Springs Buyers: 5 pitfalls of short sales

By in Buying On April 20, 2009

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…

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What buyers need to know about double closings

By in Buying On April 19, 2009

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…

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Colorado Springs Short Sales: Part 4

By in Selling On May 2, 2008

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…

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Colorado Springs Short Sales: Part 3

By in Selling On April 29, 2008

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…

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