Jamie Mades

If you are facing imminent foreclosure, you should know that you have options. There are ways that you can stop foreclosure and save your credit rating. Just one of those ways is a Colorado Springs short sale. A short sale is an agreement made between you and your mortgage company that allows you to sell your property for less than what you owe on it.

A short sale is a tool that helps minimize loss for all parties involved. The mortgage company can recoup a good portion of the defaulted debt while the homeowner can protect his or her credit rating from foreclosure. During Colorado Springs short sales the mortgage company allows the homeowner to sell their home through a real estate agent at a discounted price. The monies earned from the sale go directly to the mortgage company, and the remainder of the debt is either forgiven or charged back to the homeowner.

Before a short sale can occur, however, the mortgage company has to agree to it. So, if you are thinking about trying to avoid foreclosure through short sales in Colorado Springs, you need to sharpen your negotiating skills. Following are a few tips that will help you negotiate a short sale with your mortgage company:

• Keep the lines of communication open.

It is a natural reaction to want to avoid your debtors when you start to fall behind on payments, but you can’t. You need to communicate with your mortgage company from the onset of your financial problems if you want them to agree to a Colorado Springs short sales later.

• Learn all you can about short sales.

Knowledge equals power, especially when dealing with lenders that aren’t very forthcoming with information. If you know the ins and outs of short sales, you will be able to hold a conversation with your lender without feeling like you are being led around in circles.

• Ask a real estate agent to help you.

An agent can help by giving you vital information about your local housing market. You can use this information to customize your Colorado Springs short sale offer. For example: If similar homes are selling quickly in your neighborhood, you can pass this information along to your lender. They might be more open to a short sale if they think that it will be finalized quickly.

• Keep it professional. Put all offers in writing even if they are made over the phone. Be sure to take notes and write a letter after the conversation stating all that was mentioned in the conversation and send it to your mortgage company.

If the thought of negotiating a short sale in Colorado Springs by yourself sounds daunting, then find a good Short Sale Service to do the work for you. We offer a Full Service Short Sale package that covers everything from putting your home on the market and finding a buyer to negotiating the entire short sale on your behalf. And it won't cost you one red cent out of pocket.

Learn more about our Short Sale Service and find out if you qualify for a short sale today!

Wanna learn more about short sales?

Checkout the Short Sale Series:

Colorado Springs Short Sales Part 1 - What is a Short Sale?

Colorado Springs Short Sales Part 2 - Do You Qualify?

Colorado Springs Short Sales Part 3 - Pros and Cons

Colorado Springs Short Sales Part 4 - The Short Sale Process

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 685-8200

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Jamie specializes in Colorado Springs homes for sale, Short Sales and Colorado Springs PCS Services,

"reinventing real estate

just for you"

So you've heard about short sales. Now you'd like to find out if you might qualify for a Colorado Springs Short Sale yourself. Here's a quick litmus test:

No Ability to Pay Current Mortage

This is really the very first criteria the bank looks at. If a small adjustment on you payment would help ensure you could pay the mortgage, they might consider a loan modification instead. If you can't make the payment regardless of how they might restructure your loan, then a short sale becomes an option.

The bank will want to look at all of your current financial information, like pay stubs, bank statements and a list of all your current expenses. They'll compare that information to your current payment and see if they think you could make the payment by using a formula. If they see that your debt load and expenses far outweigh your income, they'll open the door for a Colorado Springs short sale.

Lack of Equity

Is your home worth less than what you owe? If you have enough equity in your home to sell it, cover all the transaction costs and still break even or make money, then the bank won't consider a short sale. It only makes sense for them if you have to take a loss to get the home sold. They view the mortgage repayment as your responsibility, so if there's any way you could pay off the entire loan in a sale, they will expect you to do so.

Valid Hardship

Is there a good reason you are having difficulties making your payments? Do you have unexpected medical bills, sudden job relocation or termination? This is another way the bank determines your ability to pay back the loan. They'll require a handwritten hardship letter explaining why you can't make your payments anymore. It doesn't have to be 10 pages long or a sad story, just a simple explanation of your situation.

Desire to Resolve Situation

If you care about your financial future and your ability to get credit or even a home in the future, then a Colorado Springs short sale is a much better alternative to foreclosure. It will take some work on your part and the process can take a few months. And while there's little work in a foreclosure, you'll receive constant harassment from the banks, their lawyers and you'll find it next to impossible to get a home loan in the next 6 years.

If you're willing to roll up your sleeves, organize your house and get your life back on track, you can be in a much better place within 9 months. And within 2 years, you may start to get qualified for a mortgage again. There are rewards to stepping up and taking action to resolve your current hardships. And while some effort will be required on your part, you can set yourself up for a much happier life in the near future.

Get started with your short sale today!

Wanna learn more about short sales?

Checkout the Short Sale Series:

Colorado Springs Short Sales Part 1 - What is a Short Sale?

Colorado Springs Short Sales Part 2 - Do You Qualify?

Colorado Springs Short Sales Part 3 - Pros and Cons

Colorado Springs Short Sales Part 4 - The Short Sale Process

Contact me if you'd like to learn more about short sales or want to list your home with a Colorado Springs Short Sale Specialist.

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 685-8200

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Jamie specializes in Colorado Springs homes for sale, Short Sales and Colorado Springs PCS Services,

"reinventing real estate

just for you"

Have you been allowed on base recently?

If you don't register your CAC card by March 2nd, you may not be.

The Air Force is working implementing a new Defense Biometric Identification System (DBIDS) starting on 3/2/09. It's a scanning device that checks your CAC card to verify your identity. Peterson AFB had some early trials on this new system and experienced some traffic backups (as expected.)

The biggest help to make your entrance onto Peterson AFB is to have your Military ID card ready in hand when you drive up to the gate (if you aren't already in that habit.)

What happens if you don't register by Mar 2, 2009?

You'll be sent to the Visitor's Center to get access to base. Not a deal-killer, but will certainly add some time to your entrance.

So if you're planning on making a house-hunting trip to check out Peterson AFB real estate for a Colorado Springs Military Relocation, make sure you're registered with DBIDS (especially if you want to make those in-processing appointments on time!)

Contact me if you'd moving to the area and would like to use Colorado Springs PCS Services to make this your smoothest PCS yet.

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 685-8200

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Jamie specializes in Colorado Springs homes for sale, Military Relocation and Colorado Springs Short Sale services, providing buyer and seller services for homes near Fort Carson, homes near Schriever AFB and homes near the Air Force Academy.

"Get an Expert You Know & Trust"

Short Sale Basics

Today's real estate market can be complicated. The declining markets have made it a real challenge to sell your home and the current economic climate can make for a seemingly impossible situation. Most people are only aware of 2 different ways to get out from under your home. If you have equity, then you could do a traditional sale, if not, then foreclosure looms around the corner as a second option.

There's another way to sell your home if you don't have equity. It's called a short sale and can be one of the best ways out of your current situation. Banks approve short sales throughout the U.S., so you could certainly do a Colorado Springs short sale once you learn the basics.

Not Enough Equity in Your Home

With our declining real estate market, most people that purchased a home or refinanced since 2004 do not have enough equity to sell their home. If they're upside down, owing more for their home than it's currently worth, then a traditional sale is out of the question. And even if your home is worth current market value, the transactions themselves can be expensive. That's where a Colorado Springs short sale comes into play.

With a short sale, the bank will let you sell your home for a loss and potentially forgive the difference that you owe. They can reserve the right to ask you to pay back the difference, although it's a point you can often negotiate. It also damages your credit, but not nearly to the extent that a foreclosure would. It's a way of minimizing the damage and moving on from your current situation and most importantly, a short sale gives you back control of your situation.

Acquire a Buyer and Written Contract

Your very first step is to find a buyer for your home. You have to have a written offer to take to the bank. You can do this the traditional route, by hiring a Realtor and putting your home on the Multiple Listing Service. In fact, most banks recommend using a Realtor to make sure the transaction is done correctly. At this point, don't worry about their commission. In this particular case the bank usually pays them at closing.

Send the Contract and Short Sale Package to Your Lender

Once you have an offer, you submit it to the lender along with your short sale package. If you found a good realtor with short sale experience, they should organize your package and submit it to the bank for you. There's a lot that goes into this package, like your financial information, the offer, a title report and an estimated closing statement.

It's a lot to put together, so you may want to start this process early. The bank won't even consider your Colorado Springs short sale until they have a complete package. Usually they'll provide a checklist of everything you need to send them. Once they have the package, they'll assign a loss mitigation specialist to your file.

The Bank Reviews Your File

At this point the bank will review your the offer, you package and the market value of the property. The bank's job is to get the most amount of money they can for the loan. Or rather, to minimize their loss as much as possible. So they'll compare how much they'll get by accepting a short sale by how much they'd get with foreclosure. And foreclosures can be very expensive. The bank will have to hire a lawyer for the 6-12 months it takes to complete foreclosure proceedings, hire a Realtor themselves, clean the property and try to sell a vacant home that hasn't been cared for in months.

Once they've made their analysis, the bank will then either approve the Colorado short sale, make a counter offer or simply reject it altogether. They may counter the buyer or even ask you to bring money to the closing table. If your using a Realtor or Negotiation service, they will handle this for you.When you receive final short sale approval, the bank will set a deadline for closing.

Finalize the Paperwork

Now that you have approval, the closing process is nearly the same as a traditional sale. At this point, you'll sign over the deed to the new buyers as well as any paperwork the bank requires. This will include documents for any mortgages or liens you have on the property and any agreements you made with the bank during negotiation.

Once you have finished closing, you'll have a fresh start on your finances and your life. A Colorado Springs short sale will bring a quicker resolution to your situation and usually on much better financial terms for you.

Get started with your short sale today!

Wanna learn more about short sales?

Checkout the Short Sale Series:

Short Sales in Colorado Springs and El Paso County Part 1 - What is a Short Sale?

Short Sales in Colorado Springs and El Paso County Part 2 - Do You Qualify?

Short Sales in Colorado Springs and El Paso County Part 3 - Pros and Cons

Short Sales in Colorado Springs and El Paso County Part 4 - The Short Sale Process

Contact me if you'd like to learn more about short sales or want to list your home with a Colorado Springs Short Sale Specialist.

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 685-8200

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Jamie specializes in Colorado Springs homes for sale, Short Sales and Colorado Springs PCS Services,

"reinventing real estate

just for you"

Welcome to another installment of the Peterson AFB Real Estate Minute!

Today I'd like to cover the topic of New Homes.

I've blogged a few times about the Banning Lewis Ranch Community. Why? It seems a lot of my Colorado Springs Military Relocation clients gravitate to that community. After looking at all the resale homes (previously owned) they start to see the same thing over and over again. And it's true. You can get some great deals and great housing in the Powers Corridor and Briargate neighborhoods.

What differentiates Banning Lewis is the Community aspect. They have a ton of trails and park space in their first small subdivision (North Tree.) They also mandate front yard landscaping and varying the models and exterior finishing of homes (stucco, stone, siding) so each street looks like a symphony of colors and textures. And of course, there's the Ranch House itself, with an great outdoor fireplace and lounge, Jr Olympic-sized swimming pool, picnic area with large gas grills and brand new tennis courts.

To top it all off, this community has a D-49 Charter School for kids K-8. That makes it pretty darn appealing for anyone with kids. If you're in the market to buy, now's a time to get some great deals out there, too. It's definitely a buyer's market when it comes to new homes.

A quick word of advice if you want to go look: take a Realtor with you (if you're seriously considering a home.) The builder reps in Banning Lewis are all wonderful people (I've become friends with quite a few from all the time I've spent out there.) Just realize that ultimately they represent the Builder's best interests. Take someone with you who represents you and your family's interest.

So that's it! The reasons why Banning Lewis Ranch has been such a popular choice for my clients that have been looking at Peterson AFB Real Estate.

If you're PCSing to the area, checkout our Colorado Springs Military Relocation FAQ!

Contact me if you'd like to know more about Banning Lewis Ranch or would like a Colorado Springs Military Specialist representing you!

Jamie Mades, REALTOR
Keller Williams Clients Choice
Office: (719) 535-0355
Direct: (719) 322-4645

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Jamie is a residential Colorado Springs real estate and Colorado Springs Military Relocation specialist, providing buyer and seller services for Peterson AFB real estate, Fort Carson real estate, Schriever AFB real estate and Air Force Academy real estate.

"Get an Expert You Know & Trust"