Denver Short Sales - Colorado Foreclosures

Metro Denver Short Sale Market

With our extensive education in short sales and applied knowledge of the foreclosure process we are actually getting short sales approved within 45-120 days after we submit the initial hardship package to the bank. At Key Concepts, we do not charge any upfront costs and we do not get paid until we have successfully closed your transaction.  Please watch out for foreclosure/ Short Sale companies that offer a solution, but also ask for $500 up-front file fee. I feel that they charge this because they lose too many short sales and they need the extra money to cover overhead. We are 100% approved on all short sale transactions at this time (09/01/2008) and stand by helping the homeowner. We are also very well versed in BPOs (Broker Price Opinions) and price properties in favor of all parties. Please see link below as we have been interviewed by the Denver Post.

What is a short sale and how do we get started?

Basically what you are doing in a short sale situation is you are applying to the mortgage company (whom hold your mortgage notes) for a short sale and you do so in the following steps:

• Hardship letter ? include why you are in foreclosure/short sale position and state that you want to avoid bankruptcy
• Supporting documentation in reference to hardship letter (if available), divorce, medical, bills, etc.
• Completed financial statement- what does your monthly budget look like? How much coming in vs. how much going out.
• Last two months pay stubs
• Last two years income tax returns
• Last two months bank statements
• Notarized financial statement if you don´t have pay stubs, tax returns, or bank statements
• Copies of current mortgage statement(s)
• Any correspondence from attorney regarding foreclosure

Once the short sale package is submitted to it is set for review by mortgage/lien holders in their loss mitigation department. They hire a 3rd party BPO (broker price opinion) specialist to determine the actual value of the subject property. Then the first mortgage holder determines what they will allow the second (third lein, etc) mortgage to have. In some cases the first will only allow $1000-$5000 to the second mortgage holder. The file then goes to review and the approval is issued. Once the short sale is approved, we will have a closing/moving date in mind. Our timing gets better every year. We have some that sell in as little as 45 days and some that take 3-4 months. This depends on the bank's short sale process and the marketplace and foreclosure rates in the given area.

Please note that there are certain guidelines for HUD/FHA loans. Please inquire within.