Colorado Springs Short Sales:
The Impact of Short Sales on Your
Home and Our Colorado Springs
COLORADO SPRINGS, CO, Sep 10, 2010 – No matter where your financial status falls in today’s wide economic spectrum, an understanding of Colorado Springsreal estate short sales and how they affect the value of all homes within our community is becoming more and more important.
“Hardly a day goes by without at least one person asking me about the implications of short sales-either in terms of how it affects them as a home seller, or what it means to them as a buyer looking for a great opportunity,” says Brad Secundy of RE/MAX Properties, Inc.. “That’s why We believe it’s critical to proactively communicate accurate information about Colorado Springs short sales.”
Accounts of distressed, or so called “under water” properties, seem to be a daily occurrence. According to Brad Secundy, the term “under water” was coined to describe the condition of the outstanding balance of a mortgage exceeding the market value of the home. If a property is under water but the homeowner is current with their mortgage, the situation is of less consequence. If a homeowner stops paying their mortgage, however, lenders have little option but to act. This can result in the forced sale of the property.
When a mortgage lender enables the sale of a property for an amount less than the mortgage balance, this is a “short sale.” “The problem is, the lower prices that short sales generally command on the market can negatively affect the value of other properties in the Colorado Springs community … including yours and mine,” explains Brad Secundy Homeowners facing financial challenges need to have a better understanding of their many, and in some cases better, alternatives, adds Brad Secundy, including loan modification, deed-in-lieu, and foreclosure.
“Understanding short sales is particularly important for today’s home buyers,” explains Brad Secundy, “so that they fully understand both the opportunity and the financial return that a short sale-related property purchase can represent … as well as the pitfalls.” Consulting with a Certified Distressed Property Expert (CDPE) certification, could make a world of difference to a seller facing a short sale or foreclosure situation. CDPE certified associates have attended extensive specialized training making them valuable resources and assests to their clients who are in a distressed property situation.
Courtesy of Joe Clement and Re/Max Properties, Inc.