How Colorado Homefront Can Help with a Short Sale or Foreclosure Situation
Going through the short sale or foreclosure process can be very difficult for many people who have never experienced it before. It can also be challenging to navigate if you try to handle the entire process yourself.
Colorado Home Front has helped with over 300 foreclosure and short sale transactions in the Denver Metro area for the last 20 years, and we work directly with homeowners to help them navigate the foreclosure and short sale process from start to finish.
Working with Colorado Home Front is essential to make sure the process is handled correctly and efficiently if you find yourself in this situation.
How the Short Sale Process Works
The first step in the short sale process is for the borrower to let the lender know why they cannot pay the mortgage, along with several supporting documents like pay stubs and tax returns. Then the home is listed as a short sale in the sales listings, and all offers are sent to the lender and the seller to decide.
A broker price option (BPO) is then generated to determine a fair price to sell the home, but it’s essential to know that short sales are almost always listed for under market value. Once approved, the bank will issue a short sale letter informing all parties that the short sale will move forward.
As with any home sale, you’ll still need to find a buyer for your short sale listing. Luckily, short sales are listed under market value, so finding a buyer should be relatively easy.
The Bottom Line
The short sale process can be lengthy, and you should expect to spend up to 30 days for the bank to receive the initial short sale letter, then you may wait for another 2 to 8 weeks for final approval from the bank. Add this on top of the time it takes to find a buyer, and the short sale process may take several months from start to finish.
Contact Colorado Homefront to assist you with this process. We specialize in the Short Sale Process and helping Homeowners during this stressful process. Contact us to receive information about the process and how to get started.
References:
https://www.thebalance.com/the-complete-short-sale-process-1799195
https://www.coloradohomefront.com/foreclosures/