Short sales- to many individuals this term may be new or they dont understand properly what exactly is going through with the short sales. Short sales is the condition in which proceeds from selling the property fall short of the actual amount of the property. Not just the homeowners but also the realty agents are often confused with these terms and hardly know about it. And some of the agents would even find it hard to explain to their clients why they need the short sales. While some dont know that the banks act as lenders others are completely unaware of this kind of process.
Two basic things concerned with the short sales are hardships and the seller owes more than the property value. Here is a brief review of basic procedure involved with the Colorado short sales.
Firstly you need to find a good realtor particularly a short sales expert. This will boost your chances to qualify for this method. They will let you know how you can qualify for this method and can even explain you the primary reasons as why you should file for short sales.
Second step is the preparation of authorization letter that will be used by your realtor in all bank transactions. This letter will indicate that you are allowing your realtor to take on all the proceedings including short selling on your behalf.
Next you get the hardship letter where you declare you are broke and cant pay your loan mortgage. Your declaration of broke will let your qualify for the short selling.
And that is followed by taking out the copies of your financial statements and tax returns. Just your declaration isnt sufficient enough to declare you broke. But that has to be proved by your financial statements and your tax returns. This is to avoid any frauds.
And finally let your Colorado short sale expert handle the job. Once all the above mentioned procedures are complete, now the responsibility rests with the short sale realtor to handle the matter on your behalf. Let them do their job and you dont have to be a bother. Such realtors are experts in the real estate market and they know very well how to handle the whole process.
Patience is also very necessary in this process. Short selling proceedings may take some time and you dont have to be panic. In the mean time you can enjoy being he owner of the property. Your patience will let the realtor do the job without getting distracted. Your realtor would even suggest you to stay away so that he can concentrate on the job.
On the concluding note as said earlier there is need to hire a very good realtor. Your realtor is your key to success and he can certainly let you qualify for Colorado short sales. He can guide you and explain you each and every single term that will be helpful.
Looking for short sales realtor in Colorado, you can find them at: http://www.altitudeshortsales.com