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 you with the sale of your home, communicating with your bank regarding the short sale, and preparing the paperwork.
The Short Sale Addendum was recently developed by the Colorado Real Estate Commission to accompany the Contract to Buy and Sell Real Estate. The addendum encourages buyers and sellers to obtain professional tax and legal counsel and discloses that sellers may have adverse ramifications as a result of short selling their home. The buyer acknowledges the conditions of the short sale including the closing being delayed and the contract being subject to the bank’s approval of the short sale.