At Key Concepts you can trust that we are up to date on current foreclosure and short sale information. All of our agents have 1 or more certifications for short sale processing, short sale listings, foreclosures prevention and home retention counseling.
*Since 2005 we have been doing short sales in Colorado. We have a 100% approval rate on conventional and VA short sale transactions and **96% approval rate on FHA short sale transactions. The industry standard on approved short sale transactions performed by the average real estate agent is only 47%.
Did you know that 50% of the homeowners that ended up in foreclosure last year did not contact their mortgage servicer? Key Concepts is now being contacted by mortgage companies and by banks to speak to homeowners about loan modifications and short sale options. Your mortgage company does not want to file foreclosure and in somce cases they will actually pay you to participate in a short sale.
We stand by going above and beyond the average expectation. Foreclosure should not be an option. It is our goal to save 200 Colorado homeowners from foreclosure in 2009.
*Information based on sales before 01/24/2009
** FHA may not allow short sales for the following reasons:
The borrower must be delinquent at least 1-3 months (depending on which HUD particiaption program).
Net proceeds of the offer should be at least 82% of appraised value.
The appraised value should be at least 63% of the mortgage.
The mortgagor must be an owner-occupant. No vacant properties.
There is verification of the borrower's decrease in income showing inability to pay the mortgage.
The property was marketed in such a manner that an offer for fair market value could be obtained.