Brian's Colorado Springs & Pikes Peak Region Web Log (Blog)

Short Sales Processes Are Changing Again…Still!

January 16th, 2013 4:53 PM by Brian Wess

Quick Refresher on what is a Short Sale: Simply put a short sale is a sale of a property negotiated with a lender in which the lender agrees to accept less than the total amount of the loan still due on the property.

When I first began doing short sales back in 2007 the Short Sale process was a nightmare where the lenders didn’t want to hear from Agents until we had a contract offer from a buyer. Well the times are a changing! Some lenders, Bank of America notably, are rolling out processes where they not only want to hear from us BEFORE we get a contract to purchase from a buyer, but in some cases REQUIRE we contact them BEFORE the property is listed on the market for sale.

Another change is that many lenders will NO LONGER POSTPONE Foreclosure proceedings until AFTER ALL Approvals for a short sale have been received. In the past we could often begin the short sale negotiation process with the lender and request a postponement of the Foreclosure Sale while those negotiations were ongoing. Going forward this may no longer be the case and it’s now MORE important than ever for a homeowner who is having difficulties affording their home or who must sell because of Military Relocation or some other financial hardship to CONTACT a Certified Distressed Property Expert like me BEFORE the Foreclosure Process Begins.

Be proactive and protect yourself. If you’re having difficulties affording your home or MUST sell your home because of Military Relocation or some other financial hardship, CONTACT ME in the Colorado Springs, Colorado and Pikes Peak Region or ask me for a referral to a Certified Distressed Property Expert in your area to assist you
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Posted by Brian Wess on January 16th, 2013 4:53 PM


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Brian L. A. Wess

Infinite Horizons Realty

2910 N. Powers Blvd, #174
Colorado Springs, CO 80922