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Short Sale Colorado

Short sales can be painful.  Add to that, the concern, that the bank may come after you years later, for a deficiency, a tax consequence or send you a 1099 or promissory note to payback the deficiency. All of these can be devastating to your finances,  often spinning short sellers into bankruptcy. A short sale takes about 3 years to overcome, a bankruptcy can double that, foreclosure can add more time. The title to the property may be clouded by a deficiency or a judgement which can also cause future issues.  If the short sale is not done properly and in a timely manner it can lead to foreclosure.

What would you think if all of the problems with a short sale could be negotiated away and done in a timely manner? No deficiency! No tax consequence! No 1099! No promissory note! Short sales are tough enough on the homeowner. They don’t need to complicate your life and make it worse and spin you in to bankruptcy.

We work with investors who utilize their own in house negotiators to negotiate all the guesswork out of short sales. We can negotiate away the tax consequence(s), the 1099, the promissory note, the deficiency. What this means to you is no further problems or issues to deal with in the future. It is a clean short sale. No future surprises.

We can help you. Call me today to see if you qualify for a short sale. We can help take the pain part out of the short sale process.

Michael grew up around Santa Fe and is a longtime resident of Boulder and has been with Sotheby’s International Realty since their inception in Boulder County and along the front range.  If you have questions regarding a clean short sale or would like information about Boulder real estate or Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes is a Certified Negotiation Expert and full time Realtor at Fuller Sotheby’s International Realty in Boulder, CO.

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The 3 Scariest Words in Boulder County Real Estate

Short Sale Time Line

Posted by Michael Hughes   September 17, 2010

When you hear the terms Approved Short Sale it’s like you think your dream came true. All is good in the world and the planets just aligned in Boulder County. Snap out of it!

What I know is this. At one time there was a buyer for the “Short Sale.” Many months later it was approved, for that specific buyer at that specific price at that specific point in time. It is only approved in the sense that it is an approval for a contract that is no longer valid. More than likely for one reason or another, the buyer walked on the offer. Evaporated.  Hasta la vista baby.

So now you as a buyer of the “Approved Short Sale” come along. You are prequalified for a bank loan, you have your down payment in line and completely documented. You think that the last buyer did all the work and now you will slide in to the “Approved Short Sale.”  Not so fast!

“Woohoo” Approved Short Sale, this is awesome. Think again. The previous offer was for then. The net sheet for the bank was done so many months ago. Before the grass died, before they didn’t pay the HOA for months and before what used to be a Koi pond is now a toxic waste dump. So the savvy Short Sale listing agent is now in scramble mode to re-market the house.  He remarkets it as “Approved Short Sale” hoping to bring in a similar buyer. After  months and months of dealing with the bank on a short sale, many buyers say “oh just shoot me now, put me out of my misery.

Here’s the scoop on Approved Short Sales. The bank or banks if there is a 2nd, 3rd or 4th lien holder will have to do a Re-Do. The bank will start from the beginning point and will proceed in the same way they did with the initial buyer.  There is an unknown, with the length of time of response and for the price, terms and conditions the bank will eventually get around to letting you know. So it’s back to square one and you will have to go through the entire process.

At least now you can decide if this is a game you wish to play and not put your fingers in your ears and say “lalalalalalalalala.” Just keeping it real in Boulder County.

Michael Hughes is a Realtor with Fuller Sotheby’s International Realty in Boulder Colorado. You may comment below. If you have a question you can call or text me at 303-359-6627 or you can view my website.

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