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Denver Short Sale Realtor

by | Nov 5, 2020 | Real Estate Agents | 0 comments

The Colorado Short Sale Process

Learn about the Colorado short sales process from Sam Wilson, an experienced Denver short sale realtor. Short sales in Denver happen when a home owner experiences financial difficulties. The option of a short sale exists when a homeowner is unable to continue to make monthly mortgage payments and the bank approves a short sale.  Buying a short sale home can be financially advantageous to home buyers living in the Denver metro area and the Denver suburbs.

Colorado short sale processOptions for Denver home sellers who may be late paying mortgages and who are curious about the Colorado short sale process are reviewed in this real estate blog post:

  • Consulting an experienced short sale realtor to review options
  • Making the decision to stay in or sell your home
  • Contacting the bank to discuss options to resolve late mortgage payments
  • Catching up on late mortgage payments and legal fees to sell a home to avoid a short sale
  • Requesting approval from the bank for a short sale
  • Using a short sale expert for the Colorado short sale process to put your home on the market, receive offers, and close the sale to avoid foreclosure

Is Buying a Short Sale Home a Good Idea?

Home buyers in Denver, Lakewood, Littleton, Arvada, Wheat Ridge, Golden, Evergreen, and other cities of the metro area are asking: is buying a short sale worth it? The answer to whether you should buy a short sale home is that it all depends on your situation.

Search for short sale homes in the Denver metro area here plus set up a FREE home search account to gain access to more homes. Sam works with home sellers and home buyers in many situations and can help you find and buy homes not listed on the Internet. Call Sam at 303-770-1250 for more information.

What is a Short Sale?

A short sale is a real estate transaction where a lender agrees to accept a purchase offer from a buyer at a price less than the amount of a mortgage payoff. Buying a short sale home can be a great option for home buyers who are not on a tight deadline to buy a home. Denver short sale real estate transactions can take longer to close than most real estate transactions.

The important consideration for home buyers is to realize that short sale homes are sold “as is.” This means that the lender will not make any repairs. While the sale price usually corresponds to the sale price of the home, it’s important for home buyers to have additional financial resources to pay for repairs or updates.

Sam Wilson is a knowledgeable realtor who educates home sellers and home buyers throughout the real estate process. Learn more about what customers say about their experience working with Sam Wilson and the Sam Wilson Home Selling Team.

Making the Decision to Stay In or Sell Your Home

Denver short saleFor buyers and sellers, working with an experienced Denver short sale realtor who can guide you through this process is important. Let’s begin with the Colorado short sale process. Here you will gain an understanding of the short sale process from Sam Wilson, an experienced Denver short sale realtor.

The first step for homeowners who are behind on a mortgage and curious about the option of a short sale is to contact Sam Wilson, an experienced Denver short sale realtor. Sam will offer real estate advice and guide you through the decision to stay in or sell your home. His experience in the real estate market, short sales, REOs, and foreclosures is extensive.

The decision to stay in your Denver metro area home and work to catch up on past due mortgage payments or to request approval for a short sale is the first consideration.  Changes in employment or health can greatly affect an individual’s ability to continue to pay a mortgage.

Contacting the Bank to Discussion Options to Resolve Late Mortgage Payments

Denver home owners who want to have more options should contact their bank or the mortgage lender to discuss options before missing a mortgage payment. If you are on the verge of missing a mortgage payment or experiencing a temporary hardship, mortgage forbearance may be an option.

Late mortgage payments negatively affect a credit report. Even if you have equity in your home, a poor credit report means that taking out a home equity loan or borrowing additional funds is unlikely.

Mortgage Forbearance – Options for a Short-Term Financial Hardship

Mortgage forbearance offers options if you experience a short-term financial hardship. Under mortgage forbearance, a repayment plan can help you catch up on payments. With this option, you spread out past due mortgage payments plus late fees to bring your mortgage current without extending the length of your loan.

If you can resume making regular monthly payments, payment deferral can be another mortgage forbearance option. The forbearance payment deferral option moves the past due payments to the end of the loan term. The amount of the late mortgage payments is due on the last mortgage payment date or earlier if you sell your home or refinance.

Other Options to Catch Up on Late Mortgage Payments

Colorado short sale processIf mortgage forbearance is not an option, some Denver area homeowners choose to ask family members for a loan to catch up on late payments, late fees, and legal fees. This creates a plan to bring the mortgage up to date and sell the home to pay off the mortgage and subsequently repay the personal family loan.

Regardless of your situation, it’s a good idea to involve an experienced Denver short sale realtor like Sam Wilson at the beginning of the process to request a home value assessment. Having this information gives you the information you need to know how much money your home might sell for how and quickly in a non-short sale real estate transaction.

Considering a Denver short sale can be an emotional process of weighing the pros and cons and the effect on your credit. Filing for bankruptcy can be another option to investigate. For more information on bankruptcy, short sales, and foreclosures, consult a bankruptcy attorney or a Colorado short sale attorney to learn about all of your options.

Requesting Approval from the Bank for a Short Sale

After a homeowner weighs the options to remain in or to sell a Denver home, requesting approval from the bank for a short sale may be the next step. When initiating this call it is best to be fully prepared with the facts that include knowing the value of your home and the pay-off amount. Sam Wilson works with home sellers through this process of talking to the bank about approval for a short sale.

When you work with an experienced Denver short sale realtor like Sam Wilson, you will be prepared to present the bank with a home value report. Having this information advises the bank of the projected amount of the short sale which is the amount of your loan versus the possible sales price of the home separate from legal and other fees. Sam is also able to discuss the process with your bank to offer confidence that the sale process will run smoothly because of years of experience as a real estate short sale expert.

The Value of Working with a Colorado Short Sale Expert

Buying a Denver short sale homeDenver area short sales can be more complicated when a second mortgage or a home equity loan is in place. Having additional loans establishes priority over the order in which the loans can be repaid through the sale of a home.

The selling side of a short sale has many steps that benefit from working with Sam Wilson, a knowledgeable realtor.  Home buyers that select a realtor who does not have experience in the Denver short sale market may struggle to understand that the process can be long and complicated. Working with the Sam Wilson Home Selling Team smoothes the process for short sale home sellers and short sale buyers.

For home sellers, the value of using an experienced short sale realtor means your deal will close. Sam Wilson has extensive knowledge and experience in short sales to educate a realtor without a similar experience who is representing a home buyer interested in your home. He is also an experienced short sale real estate negotiator who will get you the most money when selling a home and the best deal when buying a home.

Denver Short Sale Complications

A mortgage that remains with the initial bank is the most straight-forward for the Colorado short sale process. In this situation, the bank remains in full control of the short sale process and has decision-making power.

When a loan is obtained through a mortgage broker, the owner of the loan may not be a bank, but individual investors.  Involvement by the mortgage broker ends when the loan closes and is passed along to a loan servicer who acts as a collection service for the investors holding the loan.

These situations add levels of additional approval for a short sale that can extend the time frame that it takes to complete the real estate transaction. As you can see, having an experience Denver short sale realtor who thoroughly understands the process and knows how to negotiate a short sale real estate transaction is essential to your success.

Confidence and Peace of Mind Throughout The Denver Short Sale Process

While the short sale process may seem intimidating, working with Sam Wilson gives you the confidence to sell or buy a home through the Colorado short sale process. Sam Wilson has experience selling short sale homes and helping short sale buyers throughout the Denver metro area including Lakewood, Littleton, Golden, Arvada, Wheat Ridge, Evergreen, and cities to the north and south of Denver.

If you want to learn more about foreclosures, read our blog post What is a Foreclosure Real Estate Agent?

Contact Sam Wilson, an experienced short sale realtor today to learn more about selling or buying a short sale home and the Colorado short sale process.

 

© 2020 Sam Wilson All Rights Reserved. All Articles by Pamela D. Wilson MS, BS/BA

 

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