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.

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