Short Sale

Short Sales remain the most common method of avoiding foreclosure in Colorado.   A short sale is just like any other house sale except the lender(s) are involved in the approval of any offer made on the property.  The property is marketed the same as any other sale and when an offer is submitted it has to be negotiated with the lender(s).  

Short sales vary in complexity due to many variables including, the mortgage lender(s), type of loan(s), number of missed payments, other liens and judgments, etc.  Unlike a loan modification or deed in lieu of foreclosure, you will need to work with an experienced short sale specialist to perform a short sale.

The biggest advantage of completing a short sale is that the homeowner will avoid a foreclosure on their credit report and possible waiver of any deficiency.   Short sales provide the opportunity to negotiate the terms and conditions of the sale with the lender.

A short sale will require short sale package that is submitted to the lender.   The package typically includes a hardship letter, financial statement, pay stubs, bank statements, and tax returns.   Many lenders have specific short sale packages that need to be submitted.   It is important that a complete package is submitted or the lender will not proceed with the short sale.  

Some short sales can be started with the lender without an offer, while other lenders require an offer on the property to start the short sale process.  Again, it important that you are working with a specialist to make sure your short sale is being processed efficiently.

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