Short sales and foreclosures - how it is effecting the Steamboat market
Posted under: Home Selling in Steamboat Springs
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October 28, 2009 9:32 AM |
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Steamboat skidded by the last 2 years, avoiding the record breaking foreclosures news. But now with our higher inventory, sagging rental market, and lack of jobs forcing many hardworking locals to find work elsewhere, we're seeing some short sales and foreclosures. Not nearly the caliber experienced in other parts of the country as good prices are drawing offers.
As of this week - I'm now a short sale listing broker -regrettably so.. - My condo listing in Steamboat Springs is advertised at $239,000.
I come to find out that the bank won't give me a firm number they are willing to accept, they just say slowly drop the price.
OK, so I can advertise a donut for $1.00 but when you come to the counter to pick it up, if baker is grumpy, that donut may cost $1.25. If you come back in 3 months, maybe I'll sell the donut for $1.00.
Yes - the bank did say they would like to see the property listed for 90 days before they consider taking it in the shorts.
What does NAR (National Association of Realtors) say. "MLSs are given the authority to decide whether or not their participants have to disclose reasonably-known short sales"
SSBR (Steamboat Springs Board of Realtors - MLS) Its been recommended that we disclose a short sale, so most are putting this in the Broker to Broker comments (Public: buyers don't see this!)
1) Short Seller - Your credit score takes a big hit (A foreclosure and short sale inflict equal damage to your FICO score) , the lender may still come after you. And there maybe tax consequences. Part 1 of 3.
2) Buyer - you may get a deal - If you are willing to wait. And the price in mirror may be larger than it appears!
3) Banks - sit back and relax the FED and my tax dollars have got your back.
Something seems very wrong with this picture.
Realtor's with short sale experience - comments are welcomed.
Dean Laird
Broker Associate, Colorado Group Realty
Steamboat Springs Colorado
SkiCondos4Sale.com
As of this week - I'm now a short sale listing broker -regrettably so.. - My condo listing in Steamboat Springs is advertised at $239,000.
I come to find out that the bank won't give me a firm number they are willing to accept, they just say slowly drop the price.
SECTION 3.4 of the Colorado Real Estate Commission Short Sale Addendum states "Lien Holder is not required to agree to a Short Sale"
OK, so I can advertise a donut for $1.00 but when you come to the counter to pick it up, if baker is grumpy, that donut may cost $1.25. If you come back in 3 months, maybe I'll sell the donut for $1.00.
Yes - the bank did say they would like to see the property listed for 90 days before they consider taking it in the shorts.
What does NAR (National Association of Realtors) say. "MLSs are given the authority to decide whether or not their participants have to disclose reasonably-known short sales"
SSBR (Steamboat Springs Board of Realtors - MLS) Its been recommended that we disclose a short sale, so most are putting this in the Broker to Broker comments (Public: buyers don't see this!)
1) Short Seller - Your credit score takes a big hit (A foreclosure and short sale inflict equal damage to your FICO score) , the lender may still come after you. And there maybe tax consequences. Part 1 of 3.
2) Buyer - you may get a deal - If you are willing to wait. And the price in mirror may be larger than it appears!
3) Banks - sit back and relax the FED and my tax dollars have got your back.
Something seems very wrong with this picture.
Realtor's with short sale experience - comments are welcomed.
Dean Laird
Broker Associate, Colorado Group Realty
Steamboat Springs Colorado
SkiCondos4Sale.com
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