Archive for Short Sales
Banks are Warming Up to Short Sales
Banks are Warming Up to Short Sales
While banks have notoriously been resistant to short sales, as this recession crawls on, they are beginning to warm up to short sales in increasing numbers. During the first six months of 2009, the number of short sales tripled to 40,000 from a year earlier. Why the change of heart? Banks are under pressure from the government to approve short sales. The Treasury Department also recently unveiled a plan to incentivize lenders and loan services to close short sales.
The bad news is that for every short sale, there were 25 foreclosures started or completed in the first half of this year. One foreclosure is too many. It is essential that if you are a distressed homeowner in Denver, that you seek help from a trained real estate professional, preferably a Certified Distressed Property Expert, or CDPE, who can help you avoid foreclosure.
For more information on short sales in Denver, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Short Sale Experts in Denver, Colorado
As one of the first Denver-area real estate agents to obtain the title of Certified Distressed Experts, or CDPE, in 2008, we are often asked about short sales - what is a short sale and how does the process work? A short sale is when a qualified homeowner offers his or her lender, in the form of a bona fide written contract, an amount less than is owed on the liens. There may be two or more liens, sometimes there are IRS liens, or other encumbrances that must also be satisfied.
Short sales are becoming an increasingly common alternative to foreclosures, with the number of short sales tripling to 40,000 during the first six months of 2009,
This type of transaction cannot successfully be handled without the knowledge and experience of a trained and skilled real estate agent, preferably with the gold-standard of education – CDPE.
Seven out of 10 homeowners do not get the help they need, which often leads to a foreclosure. This is a devastating alternative. If you need help, please do not delay in contacting TeamCox Realtors – Denver real estate specialist – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
New Guidelines in Place to Help Denver Homeowners Avoid Foreclosure
The U.S. Treasury set long-awaited guidance yesterday, through the Home Affordable Foreclosure Alternatives Program, which is designed to expedite the short sale process of homes and for other loan modification alternatives to slow the rising rampant pace of foreclosures.
Since TeamCox Realtors, Certified Distressed Property Experts, or “CDPE,” actively helps distressed Denver homeowners facing foreclosure, we are pleased to see this new piece of legislation. A few of the new guidelines are setting limits on the time it takes a bank to approve an offer and capping claims of subordinate lenders.
If you are in financial difficulty and facing foreclosure, pick up the phone and call a knowledgeable real estate agent immediately. Do not delay. We can help, and now with the Dept. of the Treasury behind us, we have greater means of offering assistance.
Denver-Area Foreclosures Decline from Last Year
There is good news for the Denver real estate market this week. According to RealtyTrac Inc., Denver-area foreclosure filings decreased 1.6 percent in the third quarter of last year. There were 9,235 Denver-area properties that were in some stage of the foreclosure process in the third quarter, which equates to one per every 113 households.
While a lower foreclosure rate is great news for the health of the general Denver housing market, one distressed Denver homeowner is too many. If you are a Denver homeowner who is looking to avoid foreclosure in the Denver area, please contact TeamCox Realtors at 303-400-6060. We are a CDPE, or a Certified Distressed Property Expert, trained to help homeowners explore alternatives to foreclosure, including short sales, loan modifications, and much more. We have helped numerous homeowners avoid foreclosure and put them on a path to a brighter future.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Avoid Foreclosure in Denver
A Trained CDPE Can Help You Avoid Foreclosure in Denver
While certain parts of the economy appear to be on the mend, foreclosures are still a lingering problem, with the national foreclosure rate rising over five percent over the summer.
The picture is a bit rosier in Colorado, although foreclosures are still a huge problem. According to RealtyTrac Inc., Colorado had the ninth-highest foreclosure rate in the nation in September, down from the eighth spot in August. Keep in mind, this is a vast improvement from the top spot that are state held a few years ago. There were 6,212 Colorado properties in foreclosure in September, which was a four percent decrease from August, but a 42 percent increase from September 2008. RealtyTrac’s report revealed that approximately one in every 131 Colorado households was in some stage of a foreclosure.
There are many options to avoid foreclosure, including short sales and loan modifications. TeamCox Realtors – Denver real estate specialist – is a Certified Distressed Property Expert, or CDPE, having undergone extensive training to help homeowners avoid foreclosure in Denver. If you are a homeowner in distress, please contact us at 303-400-6060. We are here to help you avoid foreclosure and lead you to a brighter financial future.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.