Colorado,Springs,Real,Estate,S business, insurance Colorado Springs Real Estate: Short Sales Save the Day
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Short Sales are the hot real estate topic in Colorado Springs.Faced with foreclosures, banks and homeowners are working with industrious market professionals to sell property at lower costs.If a homeowner is behind on payments and is in danger of foreclosing, a realtor can assuage the situation with a short sale.Short sales are tricky, though. According the Colorado Springs Business Journal, it takes a dedicated, savvy realtor to complete the process.The article reports:There are several keys to the process, but one of the most important is to contact the borrowers lender. Thats a lot easier when the lender is local. Otherwise, you end up spending hours trying to track down loan information and even more to get current home values, public records or to work through loan serving companies.Short sales are an alternative to foreclosure. They sell property for less than what is owed by the homeowner. They offer the lender roughly 80% of the property's value, which, obviously, is better than losing out completely.A foreclosed home faces challenges. Banks need to reestablish its value. If the home is damaged, they need to pay for repairs. Broker commissions are often high, and it may takes many months or even years to sell the property again.Short sales, then, give banks options. But it takes a dogged realtor to put the deals together.The article continues:Tiffany Lachnidt, team leader of The Distinctive Group, a Keller Williams Real Estate affiliate, was drawn head-first into distress transactions during 2007 when an investor-client asked her to list and sell seven residential properties facing foreclosure. We got them all sold within a year, she said.In what seems to represent the new norm, half her business consists of homes in danger of foreclosure, bank real estate owned homes (REOs) or short sales.Difficulties aside, short sales are getting property sold. The process demonstrates a realtor's bold, creative verve, and a circumstantial willingness on the part of the lender. A struggling market needs smart alternatives to survive. It seems realtors and banks realize this.If you would like to find information about Colorado Springs Real Estate, visit the Real Estate Book, the web's most comprehensive resource for homeowners and homebuyers. Article Tags: Colorado Springs Real, Springs Real Estate, Colorado Springs, Springs Real, Real Estate, Short Sales
Colorado,Springs,Real,Estate,S