Steamboat Short Sales and Foreclosures

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Steamboat Foreclosures for Sale: Limited Inventory

There aren’t many foreclosures in Steamboat and Routt County to choose from vs. the selection of open market properties you’ll find. Steamboat area foreclosures and bank-owned properties tend to be concentrated in the Oak Creek/Stagecoach area or entry-level condos and townhomes on the mountain. If a desirable property comes on the market and there are several buyers making offers, the end price may not be a whole lot better than if you were to make an offer to a motivated seller in an open market.

That’s why open-market, or seller-occupied, homes are worth looking at– especially when the seller is motivated. These places may be priced a little higher, but when you factor everything in, they could be the better buy. The property could be fully furnished, or is ready to move into without having to purchase carpet and repaint. The Steamboat Springs area seller-occupied property might be well-maintained and in a better location.

See all Steamboat Springs Foreclosures and Bank-Owned Properties here, or call 970.819.6372

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By Short Sale/Foreclosure Source – November 6, 2010

Steamboat Short Sale–$550,000 for 4+ BR Single Family w/ Caretaker

This Steamboat short sale has to be one of the best values in Steamboat. First buyer got tired of waiting, but it’s been approved and can close quickly. Call 970-819-6372 to set up a showing.

$550,000 – Single Family Home, 4 Beds, 3 Baths, 1 Partial Bath, 4015 Sqft., 2 Units,
817 Mill Run Ct, Steamboat Springs, CO 80487
MLS No. 127938

Listing Description

This SHORT SALE is in the final stages where a buyer can step in and close quickly with an accepted offer. This beautiful home with attached caretaker has over $50, 000 of improvements and renovations since 2008 including a brand new reconfigured roof, new hardwood floors throughout, new insulation, new double garage door, paint, window treatments, and gas range. Hardwood floors were just refinished and look beautiful. Home backs to green space with a path for easy access to Rita Valentine Park or the Core Trail. Open floor plan is perfect for entertaining. Kitchen has granite counters, stainless appliances and cherry cabinets. Huge garage has space for 3 cars or 2 cars plus all your toys. Private 2 bedroom caretaker recently rented for $1200 a month.

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By Short Sale/Foreclosure Source – November 5, 2010

Steamboat Foreclosures for Sale: These Properties are Sold “AS-IS”

Steamboat Springs bank owned homes come AS-IS. Banks don’t have to fill out a Sellers Property Disclosure like private sellers do. The property disclosure banks DO NOT have to fill out covers material facts like structural conditions, roof issues, mechanical systems, water/sewer, and environmental issues. Other than inspecting a bank-owned property with a home inspector, buyers have no recourse if they find a problem after moving in.

See all Steamboat Springs Foreclosures and Bank-Owned Properties here, or call 970.819.6372

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By Short Sale/Foreclosure Source – November 2, 2010

Steamboat Foreclosures for Sale: Is it Worth Buying Just Because it’s Cheap?

Just because a Steamboat Springs property has been foreclosed upon doesn’t mean you should buy it. The Steamboat bank-owned properties that truly are good values go under contract quickly with multiple offers. Be ready to buy these gems as soon as they go on the market.

Other Steamboat foreclosures for sale aren’t necessarily prime real estate you should buy. One of the reasons people walk away from a property is that they were not able to sell it. They may have tried to sell their home or condo when they knew keeping the property was a drain on their finances, but no buyers materialized. The home could be in an undesirable location, or it could have an unusual floor plan or be functionally obsolete. A home next to a highway or with an unusual floor plan will be harder to resell, even if it was a “deal”.

See all Steamboat Springs Foreclosures and Bank-Owned Properties here, or call 970.819.6372

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By Short Sale/Foreclosure Source – October 28, 2010

Steamboat Foreclosures for Sale: Banks Aren’t Giving Them Away

One of the biggest misconceptions buyers have when looking to buy a Steamboat bank-owned property is that banks are desperate to get rid of their housing inventory. Buyers think they can offer 20, 25, or even 30% off the already low asking price and banks will take it. Not true. The price a bank is willing to accept depends on how long it has been on the market and whether it is a small local lender or a large, national financial institution using a computerized asset management system.

See all Steamboat Springs Foreclosures and Bank-Owned Properties here, or call 970.819.6372

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By Short Sale/Foreclosure Source – October 25, 2010

Does Your House Qualify for a Steamboat Short Sale?

Even though you are upside down and owe more than your Steamboat home or condo is worth doesn’t mean you qualify for a short sale. To sell your Steamboat home “short”, there are three qualifications you need to be successful getting the bank to accept less than you owe on your property.

Here are the three things you need to sell your Steamboat area property as a short sale:

1. FINANCIAL HARDSHIP

You’ll be asked to write at least one hardship letter as part of the short sale package you will submit to the bank. Here are verifiable circumstances that would qualify as a hardship:

Loss of job

Loss of income

Relocation

Illness of borrower or co-borrower

Divorce

Death of a co-borrow that qualified the loan

Declining local market property values

2. MONTHLY SHORTFALL

You’ll also be asked to submit bank statements and pay stubs on a monthly basis. If you are earning less than your expenses, you are a good candidate to selling your home as a short sale.

3. INSOLVENCY

In order to qualify for a short sale, you can’t have assets to pay down your mortgage.

You do not have to be completely broke, but you can’t have large balances of cash/investments/etc.

If you would like more information about selling your Steamboat home as a short sale, please call 970.819.6372 or fill out the form below with your contact information.

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By Short Sale/Foreclosure Source – August 30, 2010

Steamboat Foreclosures and Short Sales

Steamboat Springs Foreclosures and Short Sales

Foreclosures and Short Sales are for sale in Steamboat Springs, and can be a great value. With Steamboat foreclosures, the property is owned by the bank. An asset manager could be managing the sale, but there are only two parties involved: the buyer and the bank/seller.

Click here to see all bank-owned foreclosures for sale in Steamboat Springs.

Short sales take place when the seller owes more on their home than the home is worth. First you contract with the seller to purchase their home like you would in a traditional sale. The seller then seeks approval from the bank to allow the home to be sold for less than the mortgage lenders and lien holders actually owe as a short sale contingency. Only after the bank approves the transaction does the property close.

Steamboat short sales can be a terrific value but they aren’t as straight forward as a regular sale. If you would like more information about how they work, call 970-819-6372.

Click here to see all the short sales for sale in Steamboat Springs.

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By Short Sale/Foreclosure Source – August 28, 2010

Search Steamboat Foreclosures and Bank Owned Properties

Search all the Steamboat Springs area bank-owned properties and foreclosures here.

The number of Steamboat foreclosures changes daily, so be sure to check back often. You can also call 970-819-6372 for more information.

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By Short Sale/Foreclosure Source – August 26, 2010

Avoid Foreclosure–Visit Fannie Mae’s KnowYourOptions.com

Fannie Mae has developed a website, KnowYourOptions.com to help Steamboat area homeowners–and all homeowners– avoid foreclosure and get help.

If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated. Many homeowners simply don’t know what to do or where to go for assistance, and they feel too helpless to take action.

Fannie Mae has created KnowYourOptions.com to help homeowners avoid foreclosure through programs such as short sales, loan modifications, deed-in-lieu, etc.

If you would like to know if you qualify to sell your Steamboat Springs property as a short sale, please call 970-819-6372.

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By Short Sale/Foreclosure Source – August 25, 2010

Steamboat Short Sellers–Keep Your Bank Accounts Separate

If you are in the process of a Steamboat short sale, don’t keep your accounts in the same bank as your house loan. Watch this video to find out why. If you are interested in learning more about how to sell your Steamboat area home in a short sale, please call 970-819-6372.