Breaking Down Terms: Short Sale

imagesWhile Denver’s housing market has been a hotbed of activity regardless of season, historically we see an uptick in buying and selling during the spring season. While many new housing developments are popping up across the Front Range, Colorado has a variety of options for buyers, and one is the short sale.

If you’re looking to buy, chances are you’ve seen this term, but what exactly is a short sale? Here we’ll give you the run down on this type of property – it may be just the option you’ve been searching for as you navigate Denver’s booming market.

Selling a home for less than the amount the current owner owes the mortgage company is called a short sale. Buying a home that is a short sale is different from buying a property that is actually owned by the bank, known as an REO, or real-estate owned property, or a property that is in foreclosure.

Depending on the circumstances, a short sale can be a good deal for both buyers and sellers. Buyers can sometimes get a much better deal than a traditional home sale, and the seller can avoid having a full foreclosure on his or her credit record.

If you’re house hunting and spot what seems like a great deal, there’s a very real chance that you are considering a short-sale property. This type of property can be a fantastic value; however, when navigating this type of transaction it’s crucial to have a professional at your side.

Metrowest has a team of professionals who would be happy to help you through the short sale process. Whether you’re considering buying a short sale property or would like resources to help in the short sale selling process, contact us today to discuss your needs.

Ken Blevins

About Ken Blevins

Ken Blevins, CEO of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 24 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition (REO). Blevins was an original co-founder of Metrowest in 2003, a Real Estate Brokerage and Services Company focused on the resale, recovery and liquidation of distressed real estate in Denver, Colorado and surrounding metros. Blevins assumed the role of CEO in January 2014 and provides strategic direction and has management accountability for the day-to-day operations. Under his direction, Blevins drives all default management operations to maximize asset value recovery and reduce loss severity through a strategy focused on customer service and state of the art technology. Blevins has 18 years of direct operational experience in all facets of REO Asset Management having managed large national REO Disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. Blevins specialties include REO asset management, real estate investment, bulk REO acquisitions and distressed asset recovery and liquidation, and he has directed the resolution and liquidation of over ten billion in institutionally-owned residential real estate.

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