Denver Condos and Townhomes

Our team deals with many Denver short sales each month. This past weekend, Darcy Truppo on our team listed two short sale listings in the Denevr area. Both homes went on the market on Friday and both were under contract by Saturday!

We've been reporting on the shrinking inventory of Denver homes for sale over the past several months and the impact that declining inventory is having on the days on market for existing homes. These two sales are only a small fraction of the homes our team has put under contract in less than a week over the past few months. The market is incredibly strong for homes priced under $300,000 in the Denver area.

if you're thinking of selling your home but are worried about all the negative housing news you've been reading, give our team a call and let us run a market analysis on your home. You may be pleasantly surprised at what homes in your neighborhood are selling for. You can reach us at 303-726-184.

Both of these homes Sold after being on the market just 1 day!

Lakewood Short Sales:

1900 dover st lakewood 80215 $245,000.00

Beds: 3 Fin Sq Ft: 2184 Baths: 2 Year: 1926 Acres:0.28 # of Photos Avail: 5 V-tour Available: No MLS #: 1085023 Listing Office: mb the brian petrelli team

Broker Remarks: short sale already approved at $245! totally remodeled with contemporary styling throughout. dramatic windows add lots ... more... Disclosures

Aurora Short Sales:

16722 e kentucky ave aurora 80017 $153,000.00

Beds: 4 Fin Sq Ft: 2320 Baths: 3 Year: 1979 Acres:0.21 # of Photos Avail: 5 V-tour Available: No MLS #: 1085190 Listing Office: mb the brian petrelli team

Broker Remarks: motivated seller!! inviting and well-kept tollgate tri-level with a great deck and huge back yard, including a fenced g... more... Disclosures

Remember, each neighborhood is different. Denver short sales in one neighborhood can have a completely different dynamic than Lakewood short sales just a few miles away. Give us a call and let us help you make the best choice when buying your next home: 303-726-1874.

We're starting to see more and more banks wake up to the fact that Short Sales are much better financially for the bank than allowing a home to go to foreclosure. Our teams has seen first hand evidence of this on Denver Short sales, but it looks like some national statistics and research are finally being released that will bolster this point.

DSNews.com has an article detailing research done by McGeough Lamacchia Realty that documents this:

On average a home sold through short sale brings a 24 percent greater return than a foreclosed property, according to recent findings from McGeough Lamacchia Realty.

“This means the banks are losing an average of $43,000 for every foreclosure sale compared to what they would have made in a short sale,” said a blog post on the company’s website.

The firm reviewed prices for short sale and foreclosure sale properties in 2010 and 2011 in Boston, Phoenix, Tuscon, Southern California, and Southwest Florida.

Yes, you read that correctly: the banks are losing on average $43,000 for each foreclosure compared to a Short Sale. The obvious question then becomes, "Why don't banks work harder at making a short sale transaction successful?"

As a REALTOR, all things being equal, I'd much rather go through the process of helping a buyer with Denver foreclosures rather than Denver Short Sales. The transaction is quicker, cleaner and has a much higher probability of actually closing for my client. 

Hopefully reports like this one will have some sway and we'll see a whole lot more common sense from lenders.

Yeah, right.

.

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There is an interesting bill in the Senate that could dramatically affect Denver Short Sales. It appears 3 Senators in D.C. have proposed a law that would require a response from a lender within 75 days of the lender receiving a Short Sale request.

From DSNews.com:

The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.

The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer

By now, it's almost common knowledge how long and drawn out a short sale can take. We've seen buyers and sellers wait on a bank for over 9 months, only to find out that the bank isn't going to accept (and never intended to accept) the short sale offer.

In an ideal word, a shot sale would save not only the Seller and lender from a foreclosure, but would spare the neighborhood from the downward price pressure caused by a nearby foreclosure. Of course, we don't live in an ideal world, and both the banks and the Sellers themselves, can be guilty of "gaming the system" to draw out the process for as long as possible.

While I would love to see the process for Denver short sales speed up, it seems to me that any legislation requiring a fast response from lenders will have to have a balanced approach requiring Sellers to supply their complete financial information in a timely manner.

Our team has listed many, many Denver short sales in the past, and besides the banks, the biggest obstacle we face, is Sellers who are not willing to fill out the required paperwork for the lenders. As agents, we can't list the home without it. The banks can't start a short sale negotiation without it. And absolutely no Buyer can purchase the home without it.

I applaud any action that can help reduce the number of Denver foreclosures, but without addressing all of the issues that slow down a short sale approval, all this law will create is more bureaucracy.

Yes, the banks deserve much of the blame in this, but everyone seems to forget that in every single short sale or foreclosure, the property owner signed an agreement with the bank promising to pay for the property. That agreement has consequences, and one of those consequences is that the bank can foreclose and they do not have to accept a short sale.

Give banks an incentive to approve short sales, and you'll see a dramatic reduction in approval time. Make the process more difficult for banks, and you'll see a decrease in short sale approvals and an increase in foreclosures.

If you would like to talk to our team more about Denver short sales of Denver foreclosures, give us a call at 303-726-1874.

Our team deals with Denver short sales and foreclosures every single day. Listing a short sales brings with it a myriad of bank policies, procedures and paperwork. We've gone out of our way to streamline this process for our sellers and make it as painless as possible. It appears that many of the banks continue to attempt to improve their process as well.

An article this morning from DSNews.com highlights a few of the programs we've been made aware of from the banks. It's an interesting read and while many of these changes should have been made several years ago, it's nice to see the banks changing:

From DSNews.com:

JPMorgan Chase is also offering a range of incentives to borrowers that agree to a pre-foreclosure sale “because if we can’t work out a modification, a short sale is a better result for the borrower, the servicer, the investor, and the neighborhood than a foreclosure,” the company said in a statement.

The article goes on to outline several of the banks and their new policies on short sales.

If you are interested in talking about Denver short sales, or need more information on potentially listing your home as a short sale, give our team a call at 303-726-1874. We're experts in the area and have an entire team dedicated to making the process easy.

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While I've talked before about how many banks have improved approval times on short sales, things are far from perfect. Our team has sold many Denver short sales over the past few months, and on more than one occasion a buyer has walked away from the deal before the bank has approved a sale.

Reasons for buyers backing out of a short sale transaction are numerous, but they almost always involve "time" as a major component. Unfortunately, Denver short sales still don't allow anything in the way of certainty. Even the most responsive banks are taking 60-90 days to make a decision on short sale contracts. However, the 60-90 days is just an estimate and home buyers are facing serious decisions and need a place to live.

Many times these buyers are running up against the end of a lease. If a short sale isn't approved in time, these buyers will move on to a normal resale home, or even a bank owned home, where the closing date can be more certain.

Our most successful buyers have been investors who have time to wait for the sometimes lengthy Denver short sales and for whom time isn't a major factor.

There is a great article on DSNews.com explaining this problem in detail:

Processing delays have taken their toll on first-time homebuyer interest in short sales, according to the latest HousingPulse Tracking Survey released by Campbell Surveys and Inside Mortgage Finance Monday

First-time homebuyers were a part of 39.7 percent of the short sale transactions completed in August, the HousingPulse survey found. That tally marks a three-month slide in the share of short sales that went to first-time buyers, and is the lowest percentage for this buyer segment ever recorded by the survey.

The first-time homebuyer share of short sales hit a peak of 54.1 percent of all short sale transactions in November 2009, just before the originally-scheduled expiration of the federal homebuyer tax credit, according to Campbell Surveys.

Short sale transactions have garnered a reputation for being problematic for buyers and sellers alike, with typical approval times of several months after a homebuyer first submits an offer.

If you would like to talk more about Denver short sales, Denver HUD homes or other Denver distressed properties, give our team a call at 303-726-1874.

Some good news and some bad news on Denver short sales.

First the good news. Over the past year, we've seen most major banks drastically improve their response time and communication with regards to improving short sales. What used to take 6-9 months can now be done in 2-4. We have several metro Denver short sales under contract which should close in under 3 months.

Now the bad news. According to a new report out from CoreLogice and reported in the Denver Business Journal, metro Denver homes that are underwater (the homeowners owe more than the home is worth) have increased over the last fiscal quarter:

From The Denver Business Journal:

The second-quarter report, released Tuesday, shows 145,242 residential properties with a mortgage in the Denver-Aurora-Broomfield metro area were in negative equity. That’s 22.9 percent of all homeowners with a mortgage in the area.

Negative equity and “underwater” mean a homeowner owes more than the property is worth.

Nationally, 22.5 percent — 10.9 million — of residential property owners with a mortgage were underwater in the second quarter. That number dropped just slightly from the 22.7 percent figure from the first quarter.

If you are in this situation yourself, don't panic. It doesnn't mean you can't sell your home. Give us a call and we can walk you through the Short Sale process and educate you on all of your options. You can reach us at 303-726-1874.

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 An informative article today on the USA Today website. It reports on what we've been seeing in the market. In an effort to decrease the number of Colorado Bank Owned Homes, many banks are increasing the number of short sales they are approving. Denver short sales are benefiting from this trend.

This help in several ways: 1.) It allows the homeowner to avoid the huge negative financial impact of a foreclosure. 2.) It helps the overall local market by preventing a foreclosure from severely decreasing property values (although a short sale still hurts) and 3.) It usually costs the banks less than going forward with foreclosures proceeding and property maintenance while they market the property for sale.

 From USAToday.com:

Short sales — when lenders allow financially strapped borrowers to sell homes for less than their unpaid mortgage — accounted for 12% of home sales nationwide in the second quarter. That's up from 10% in the same period last year, says researcher RealtyTrac.

The increases were sharper in some states, including California, Nevada, Michigan, Georgia and Colorado, the data show.

In Colorado, short sales were 17% of all sales in the second quarter, up from 10% a year earlier. In California, they made up 25% of sales, vs. 18%.

If your interested in pursuing a Short Sale - either as a buyer or a seller, give our team of experts a call at 303-726-1874.

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Over the past two years, our team has become experts at the short sale process. We have a short sale negotiator on site and we've helped many clients both buy and sell short sales.

As we've worked with buyers, we've found that there aren't many good places to search for Denver area Short Sales. So we made one.

Below you'll find a link to webpages that will instantly pull up every Short Sale home, Short Sale condo or Short Sale townhome for a given city. We hope this helps and as always, we'd love to help you with any questions you have: 303-817-0209.

Denver Area Short Sales House Searches:
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