Right now there are over 500 active short sale listings in Denver alone. There are over 400 in Aurora. And hundreds more all around Metro Denver. Each week in Metro Denver alone there are 600-700 new filings of home-owners who are in default of their mortgage. We've all heard about short sales and know the major reasons for them: bad loans (adjustable rates, refinances, stated-income qualifications, etc.), drop in values, and financial hardships of the sellers.
(To understand what a short sale is, click here)
But many people don't know that short sales can be a major win-win situation for them - either as sellers of their own home, or as buyers. If you own a house that you can no longer afford because of financial hardships, you should NOT be scared or ashamed to look into the possibility of selling it as a short sale. If you have a legitimate hardship, you can sell your home as a short sale, AND possibly get the entire deficiency amount forgiven by the bank. It is a much better option than foreclosing.
On the buyer's side, IF you have the time and patience of a 3-7 month bank-approval process, you will enjoy a home with lots of equity at an under market-value price.
Call me if you are considering a short sale. We have an entire team that will help you through every step of the process.
Is a Short Sale Right for You?