A program is in the works to promote incentives for short sales which would help some Vail property owners avoid foreclosure

There are not as many short sales in Vail Colorado compared with the rest of the Country.  Incentives are in the works for promoting short sales in order to avoid more foreclosures than are seen as necessary.  The plan is meant to prod lenders into allowing more short sales.  Currently short sales in Vail, as wellas across the country, are frequently avoided by lenders because the offers that come in are seen as too far below the last appraised value of the property, even though the foreclosed upon sales price in the end may be even lower.

The incentives that are being mulled over are expected to pass soon.  The plan is to give the lender $1,000 for allowing a short sale to occur and the buyer a $1,500 credit at closing.  The plan is expected to be passed by the treasury as a way to keep properties selling.

Short sales are seen as a way to help the home owner avoid a harsher hit to his credit as well as to get the house off of a lenders books before it even gets there officially.  Often a short sale is a win-win situation for the home owner, the lender and the buyer.  The new incentives are seen as a way to avoid the foreclosure rate increasing more than expected.  For more information on short sale properties in Vail, and Vail real estate in general, contact Gil Fancher today, (970) 390-7469.

For more information about the short sale incentive click here to read an article from Realty Times.

A short sale in Vail can be time consuming and complex

Short sales in Vail and around the Country have become more visible these days but many aren’t sure exactl what a short sale is.  A short sale is the selling of property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it.  What makes a short sale tricky is that the sale price is not up to the seller, the lender has to agree to the purchase price.  The home owner isn’t walking away with any money at closing in the case of a short sale so he doesn’t care if the home sells for a dollar, the bank’s involvement is to reduce their loss as much as possible and the buyer just wants a bargain.

The basic process of a short sale is:

• Borrower must be in arrears on loan payments
• Borrower or broker contacts lender to discuss the possibility of a short sale
• Potential buyer makes offer, knowing what is owed by borrower/owner of property
• Lender reviews loan and offer
• Borrower has to show/prove financial hardship
• Lender and broker discuss value and condition of property and examine any offers
• Lender makes final call

The short sale process, whether you are in Vail or elsewhere, looks easy on paper, follow the steps and the deal is done, short sale completed.  However, in reality the communication between the borrower, lender, Realtor and potential buyer is complex and time consuming.  Simply wanting a short sale won’t make it happen.  Using a CDPE (Certified Distressed Property Expert) eases the pain and insures you better success when trying to complete a short sale.  Being in financial stress is not easy on anyone and using an expert will help you get the job accomplished in a more timely manner and help create a successful real estate transaction.  If you would like to talk with a Vail Realtor about short sale opportunities contact Gil Fancher today, (970) 390-7469.

Visit www.vailmountainproperties.com for access to the Vail MLS and all Vail Valley Real Estate listings.

Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate!