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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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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.


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.


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.


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.


Learn How a Short Sale Can Help You Avoid Foreclosure

Selling your home through a Short Sale can help you avoid foreclosure.

Selling your home through a Short Sale can help you avoid foreclosure.

Nationwide, nearly 1 of every 10 homeowners is behind on their mortgage.  If you are one of them, you are not alone.

Here in Steamboat, there are people who purchased homes, land, and condos at the market peak who owe more on their homes than they are currently worth.

If you owe more on your home than your home is worth, contact us.  We can help.

The vast majority think that foreclosure is the only solution, but it’s not.

Other Steamboat homeowners are facing the same challenges as you every single day.   Now more than ever before there are solutions.

You need help, guidance, and someone who understands the difficult choices you are facing about your home, your family, and your life. Quite often a homeowner facing a foreclosure thinks they have to go through the process alone, forced into a daunting situation caused by unforeseen circumstances beyond their control. Facing damage to your credit, and the possibility of not being able to purchase another home for 10 years can be a tough future to face, but by tapping into the expertise of a knowledgeable real estate agent, there are options available for you and you’ve come to the right place.

We provide you with information about how to avoid a foreclosure, explain the effects it can have on you and your family, and offer other options that may be available to you. This includes a short sale, and we can help you determine if you qualify.

Contact us to discuss your situation. Please know that all communication will be strictly confidential.

Certified Distressed Property Expert

Specializing in helping homeowners use a Short Sale to avoid home foreclosure in the Steamboat Springs, Stagecoach, and North Routt County, Colorado real estate market.




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