Blog Entries Tagged: Short Sales

Tagged : Short Sales

Found 11 blog entries tagged as "Short Sales".

Short Sales in Denver Area - Part 2

Sellers: Documents Required to request a Short Sale

If you are in the beginning stages in selling your home as a Short Sale, here is a reference check list of the documents that will be required by the lender. Sometimes this packet is called the Hardship Package. It is a good idea to collect all the documents ahead of time to avoid delays and to make sure everything is in place. Lenders do not accept packets that are not complete, and submitting random pages or individual documents only causes delays in processing your short sale.
We require the seller to have the documents gathered ahead of time, even before listing the home. This way the ball gets rolling immediately and without delays. If your listing

2,306 Views, 0 Comments

Short Sales in Denver - Part 1 - Introduction

Frequently Asked Questions about Short Sales in Denver

Is Short Sale the right choice for you?

What is a Short Sale?

In short, the Short Sale occurs when a lender is willing to accept less for the loan than what is owed by the borrower to pay off the loan. Each lender uses their own criteria for accepting a short sale.

Why are some homes sold as short sales?

A home owner who has a mortgage on their home and no equity may be able to list their home for sale as a short sale. There are several criteria that need to be met in order to qualify for a short sale. More on that later... But basically the value of the home has declined (in some areas more than others) since purchasing the home. For Example, the owner bought the home for

24,681 Views, 0 Comments

"We were told we would get a response today from the bank on a short sale..."

You put in an offer for a house that is being sold as a short sale.
You were told you would get an answer back by today.
But you haven't heard anything back right?
It happens.

short sales can take a long timeIf you are a buyer and are looking to buy a Short Sale, one of the things you have probably heard is that it could take a while. A long while. Weeks. Months. Forever it seems.
Depending on many variables (lender, listing agent, etc.) getting the lenders approval for the short sale can take anywhere from a short couple of days to literally months.
Sometimes the short sale doesn't even get approved. Sometimes the short sale gets approved for more than the listing price. Yes it happens too.

We…
1,497 Views, 0 Comments

 Home Buyers are loosing Bargaining Power

 Recently home buyers have been holding a lot of bargaining and negotiating power in the Denver area housing market the last few years, more of the buyers are saying they are feeling the market shift against them, according to a new survey. It is now a Sellers Market and buyers must realize they must bring a good and fair offer if they want the home.

Seven out of ten Colorado home buyers say they’ve faced competition on a home for at least one offer, and if the home is priced right there may be many offers. According to a recent survey of 982 buyers in 19 markets conducted by Redfin. Of those Buyers that were surveyed, 46 percent say now is a good time to purchase a home — that’s down from 56 percent in the

1,262 Views, 0 Comments

 1. Decide what you can afford. Generally, you can afford a Denver area home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you™d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don™t forget to factor in closing costs. Closing costs ” including taxes, attorney™s fee, and transfer fees ” average between 2 and 7 percent of the home

735 Views, 0 Comments

U.S. mortgage rates for 30-year loans rose from 4.71 percent to 4.74 percent this week, according to Freddie Mac. This marks the first time in three weeks that mortgage rates have risen, as the housing market shows signs of recovering. While average rates for 30-year loans–the most common type of mortgage–rose, 15-year rates decreased from 4.08 percent to 4.05 percent, according to the McLean Mortgage Corporation of America. Borrowers enjoyed record-low rates in November of last year, with 30-year mortgage rates at a 40-year low of 4.17 percent. 15-year rates reached an all time low of 3.57 percent. Since then, rates have increased as the housing market shows tentative signs of recovery. Existing home sales jumped 12.3 percent in December, according to the…
734 Views, 0 Comments

According to a NATIONAL ASSOCIATION OF REALTORS® survey of 3,793 adults conducted by Harris Interactive and released in January 2011, home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy.

Among the findings of NAR’s “American Attitudes About Homeownership” survey:

  • The vast majority of both home owners and renters say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners and 72% of renters believe that over a period of several years, it makes more sense to own a home.
  • Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While
730 Views, 0 Comments

 Denver Short Sales

A short sale in Denver  is a transaction where the seller's mortgage lender agrees to accept a payoff that is less than the balance due on the loan, usually as an alternative to foreclosure. The process is extremely complicated, and a short sale can be difficult to negotiate and achieve, as banks will look out for their own interests. Here is the basic gist of the short sale process:

Eligibility for  Denver Short Sale
Banks will only grant short sales if the seller a) owes more on the mortgage than the house is worth, and is experiencing some kind of hardship, such as:

–Unemployment
–Loss or reduction of income
–Divorce
–Out-of-town job transfer
–Bankruptcy
–Death

Required Documentation

Banks require sellers to submit a

1,074 Views, 0 Comments

Purchasing a Denver Short Sale Property

Purchasing a short sale home is one way you can get a good deal on Denver-area real estate, but it’s not always so cut and dry. Finding a great home on short sale and placing a bid that will be acceptable to the seller and the lender can be a complicated and drawn-out process. If you decide to bid on a Denver short sale home, here are some things to keep in mind:

Is It Worth It? Short sale transactions can be complicated and generally take much longer than standard purchases. Make sure you’re getting a good enough deal to justify the extra time and energy.

Bank Approval
Make sure the bank has already approved the short sale. The seller usually has to be in default, owe more than the home is worth, and be

835 Views, 0 Comments

Foreclosure is one of the worst dangers Denver homeowners can face. If you are missing mortgage payments, it is possible to avoid foreclosure with careful planning and negotiation. Here are some tips to help you keep your home:

Don’t Ignore Your Lender
If you’re behind on payments, be sure to keep in touch with your lender. Though it may be stressful to confront the problem, ignoring it will only make it worse. Be sure to read all communications from your lender, and contact them when you realize there’s a problem. Sometimes, lenders will have options to help you if you are unable to make payments.

Understand Your Rights
Revisit the fine print of your mortgage agreement. Understand when and how your lender can take action if you are behind on

1,281 Views, 1 Comment

Information source: Information and Real Estate Services, LLC. Provided for limited non-commercial use only under IRES Rules. © Copyright IRES.

Information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Information deemed reliable but not guaranteed by the MLS.

Listing information last updated on June 5th, 2020 at 6:27am MDT.

Metrolist Services Inc (Colorado) Logo Terms and Conditions: The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange ("IDX") program of METROLIST, INC., DBA RECOLORADO® Real estate listings held by brokers other than Kenna Real Estate are marked with the IDX Logo. This information is being provided for the consumers personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified.

Copyright 2020 METROLIST, INC., DBA RECOLORADO® -- All Rights Reserved 6455 S. Yosemite St., Suite 500 Greenwood Village, CO 80111 USA

Listing information last updated on June 5th, 2020 at 6:30am MDT.