Short Sale Denver
We Buy Denver Homes will purchase your home through a short sale process. A short sale is indicated in a situation where a home owner has more mortgage debt on their home than the current resale value of that home. Banks would often rather take a short payoff on the loan rather than foreclose. When a bank forecloses they incur great expense through attorney fees, and then by taking actual ownership of the property. They then face uncertainty as to what repairs will be needed in order for them to sell the house. They have all the costs of home ownership until the property is sold and when it is finally sold they usually pay real estate commissions to Realtors.
This process can work even when you have more than one loan on the property. Lenders that are in second position say, with a home equity loan are usually unable to protect themselves during a foreclosure due to the fact that they would have to buy the home at the foreclosure sale. They will frequently settle for a tiny fraction of loan repayment because a foreclosure sale will wipe out their loan unless they purchase the home at sale.
Many home owners have sold their homes to us using this method. We are experienced at working with banks and lending institutions to insure that this process goes smoothly. By starting a short sale process, a foreclosure sale can often be postponed allowing enough time for the paperwork to be processed and the sale completed.
Call or contact us anytime and we will explain this program to you in detail.
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