Anyone who has been in the real estate business throughout the housing crisis will tell you - keeping up with the latest news about the real estate market and acting upon it is not for the faint of heart.  While many Colorado Springs home buyers are aware of growing inventory of foreclosed homes, few people are comfortable with the idea of a Colorado Springs short sale. Part of the reason for this is that outside real estate / investing circles, no one seems to know what a short sale is,

If you are looking for some Short Sale Facts, you have come to the right place. 

According to Wikipedia, a Short Sale in real estate is “when a lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss.” 

For the millions of American homeowners who are having trouble keeping up with their mortgage payments, a short sale may be one way of getting out of trouble, but not until every other option has been explored. 

If you can no longer afford your home and you owe more to the bank than you could possibly sell your home for, remember that foreclose is not the only option on the table.  More and more homeowners are looking into a Colorado Springs short sale. 
Here are some short sale facts: 

• A Colorado Springs short sale will not reflect poorly on your credit report.  Only the missed mortgage payments will show up, and you can recover from this. 

• Instead of waiting until the foreclosure disappears from your credit report, you will be able to purchase another home right away. 

• In many cases, the bank will not hold you accountable for the difference between what is owed and the home’s final selling price. 

• You will not have a Foreclosure sign in your yard and will not need to deal with the humiliation of a foreclosure notice on your door.

If you are considering a Colorado Springs short sale, then it makes sense to work with an experienced Colorado Springs real estate broker.  They will help you get the best price for your home, deal with your bank, and even push back the foreclosure date to allow time for selling the home.  The team at Action Team Realty knows enough about short sales to help you get through the toughest parts of the process with ease.