Buying a short sale property in Colorado Springs
I just wanted to take a quick "blog" moment to help buyers understand some of the pros and cons to buying a short sale home. Please visit my web site directly at www.dbcolorado.com and click on the short sale links for specific, detailed information about short sales in Colorado Springs and around the nation.
I have been a buyer's agent in many short sale transactions that have closed, and many that haven't. First - what a short sale isn't:
- A quick process
- Easy and not complicated
- A transaction that has a very cooperative seller willing and able to complete work requests
- A transaction that closes on schedule
- A transaction that requires very little expertise
Of course you can take the opposite to be true:
- The process usually takes a considerable amount of time to complete and can require a high level of patience.
- Is complicated for the seller, and the contract has to be prepared very carefully to protect the buyer with date issues, closing timing, etc. A short sale buyer agent has many details to consider when writing the offer- make sure to use an experienced agent.
- The seller usually doesn't have the funds or motivation to complete any work requests a buyer makes after an inspection. The seller only has a small motivation to complete the process and isn't really happy his property is selling for less than he owes.
- The bank sets the closing once that they approve the sale. Might not meet the buyers wants.
- Use and experienced agent. I have helped many inexperienced listing agents get though the process so that my buyer gets the home he wants.
As a buyer, education is the key. The great deals are out there. Be patient. Use an experienced short-sale buyer agent. Contact me right away to get a list of short sale properties in Colorado Springs.
Darren W. Bryce 719-659-4000 www.dbcolorado.com dbryce@dbcolorado.com
