What is a short sale and how does it benefit you in Colorado Springs Colorado?

What is a short sale and how does it benefit you here in Colorado Springs? If you’re thinking that question about yourself… great question! In this article we’ll dive into that question so you as a Colorado Springs Colorado home owner can tell what your options are during foreclosure or just if your home mortgage is underwater.

What is a Short Sale and How Does it Benefit You?

How To Prevent Foreclosure In Colorado Springs

A short sale can be a smart way to mitigate foreclosure (here’s a great definition of what a foreclosure is in case you’re not sure) on a mortgage, although they can be difficult to attain in today’s market, they often prove to be a simpler way to resolve any debt left over from a loan. Short sales were really common in the market a couple years back when the flood of foreclosures hit the Colorado Springs market… but as foreclosures have slowed down and home values have climbed back up a bit… lenders are a little less likely to offer a short sale as an option as they used to be (but they are still doing a lot of them!).

Here are a few reasons you may want to consider short sale on your Colorado Springs home

You Avoid Foreclosure And The Harmful Effects Of It The best benefit of short sale is that you avoid a foreclosure on your home. Your mortgage lender accepts less than what is owed on your mortgage, leaving you without the debt that you cannot afford. Foreclosure can lead to all kinds of financial problems, starting with the inability to obtain a new loan for a home because a foreclosure stays on your credit record usually for up to 7 years. Even renting will become more difficult as your credit score would be affected, and you often have to disclose a foreclosure on a rental application. Foreclosures can also last a long time (up to 7 years as mentioned above), making you wait years to even qualify for a new mortgage. Credit Worries With a foreclosure, you face all kinds of ramifications with your credit. Buying a car and renting a house may be impossible through the normal bank loan routes. If you work with money at your job you could even face termination if your employer puts a lot of stock in that kind of thing (most employers won’t but it has been done before). A short sale relieves the debt that is left over from what is owed on the mortgage, letting both the bank and the seller move on. A short sale is also easier on your credit score, which can allow a homeowner the ability to recover in the long run. Your credit report will only show a pre-foreclosure status, which reduces your credit rating minimally compared to a foreclosure. Buying a New House A foreclosure can last for a long time, making it impossible to purchase a mortgage again for up to 7 years. Short sales offer a little more flexibility for the seller, allowing new home applications only 2 years after the filing depending on the bank. It also makes a mortgage lender more likely to approve your loan than if you had a full foreclosure, getting you back into a home faster. Again, this all depends on the actual bank / lender you’re working with… so if they’re giving you a hard time a year or two after a short sale… shop around and find another bank to work with. Usually No Fees Involved One potential benefit of the short sale is there are usually no fees associated with the process from the bank. The banks just want to get the note off of their books… and if it can be proven that your house is “underwater” (you owe more than your house is worth)… and you’re at the risk of walking away from the house… the bank may rather work out a short sale instead of going through a costly foreclosure. With a foreclosure, your mortgage lender may tack on extra fees that only make the damage worse. Some real estate consultants may charge a fee for helping facilitate the foreclosure with your bank… so check with them before you enlist a real estate agent or firm in helping you with this. Our company, HBR Colorado may be able to guide you in the right direction on how to give yourself the best shot at a bank approving a short sale with your Colorado Springs area house… so connect with us by calling 7192860053 or shoot an email to us through our contact page here. Getting a Short Sale – What You May Need To Provide You will have to provide the bank with proof of being unable to pay your mortgage payments. This can be difficult and is best resolved by finding a good real estate attorney in your area that has experience dealing in this type of law. If you don’t know who to contact or where to turn to see if a short sale may be a good option for you… get a hold of us. We won’t charge a thing to discuss your situation with you and let you know your options. And we can even give you guidance and pointers at absolutely no cost or obligation. Sometimes we’re actually able to do the work for you or even buy the house from you to get you out from under that mortgage… so that may be a viable option for you. We buy Colorado Springs houses and we work with home sellers like yourself who are having troubles getting out of your house the traditional way… or who can’t (or don’t want to) go the usual route of listing with an agent. Get a hold of us anytime to discuss your situation. We’re here for you! Or, if you want to see what we can offer on your house… click the link below and fill out the form on the next page. We’ll make a no-obligation cash offer to you within 24 hours. At least that way you know whether that is an option for you or not.

Get A Cash Offer On Your Colorado Springs Area House Here >>

Ready to Sell Your Colorado Home?

Get a fair, no-obligation cash offer from HBR Colorado within 24 hours. No repairs, no commissions, no waiting.

Professional and Reliable Service (continued): Providing references and testimonials from satisfied sellers who vouch for our professionalism Highlighting our commitment to prompt communication and responsiveness Assuring sellers that we will handle every aspect of the transaction with professionalism and integrity Demonstrating our reliability by adhering to agreed-upon timelines and commitments Building trust by emphasizing our dedication to providing a positive and smooth selling experience Stress-Free Selling Process: Promoting the stress-free nature of selling a house to our "We Buy Houses" company Highlighting how we take care of all the details, paperwork, and negotiations Assuring sellers that they can avoid the stress and uncertainty of traditional selling methods Emphasizing the convenience of working with us, especially for sellers in challenging situations Providing peace of mind by offering a straightforward and hassle-free selling process No Fees or Commissions: Highlighting the benefit of not having to pay any fees or commissions when selling to us Explaining that there are no real estate agent commissions or closing costs involved Emphasizing that sellers can keep the entire agreed-upon amount without any deductions Providing transparency by assuring sellers that there are no hidden fees or surprise charges Demonstrating the financial advantage of selling a house without incurring additional expenses Selling Houses in Any Condition: Promoting our ability to buy houses in any condition, regardless of their state Assuring sellers that they don't need to worry about repairs, renovations, or staging Explaining how we buy houses "as-is," saving sellers time, money, and effort Highlighting our experience in dealing with properties that require extensive repairs Providing a solution for homeowners who have houses in poor condition or in need of significant repairs Confidential Online Form: Encouraging sellers to take advantage of our confidential online form for submitting property details Explaining that the online form allows sellers to provide information at their convenience Assuring sellers that the information they share is confidential and securely protected Emphasizing the ease and efficiency of using the online form to initiate the selling process Providing a convenient and discreet way for sellers to get started with selling their house Local Knowledge and Experience: Highlighting our deep knowledge and experience in the Colorado Springs real estate market Demonstrating our understanding of local property values, trends, and market dynamics Assuring sellers that we have successfully completed numerous transactions in the area Explaining how our local expertise allows us to provide accurate and competitive offers Instilling confidence in sellers by showcasing our track record of satisfied customers in Colorado Springs Trusted and Established Reputation: Highlighting our trusted and established reputation as a reliable "We Buy Houses" company Sharing positive reviews and testimonials from past clients who have sold their houses to us Emphasizing our commitment to ethical business practices and customer satisfaction Providing references and contact information for sellers to verify our reputation Assuring sellers that they can trust us to handle their house sale with professionalism and integrity Time-Saving Solution: Positioning our "We Buy Houses" service as a time-saving solution for sellers Explaining that selling a house traditionally can be a lengthy and time-consuming process Assuring sellers that we can close the sale quickly, saving them valuable time and effort Emphasizing the convenience of a fast and efficient transaction without lengthy negotiations Providing a time-saving option

Get My Cash Offer →