Frequently Asked Questions

• What should I look for in a home?
  • What is your lifestyle and what are the things you want most in a home? Consider your current living situation and the furniture you may have or would like to purchase for your new home. Will it work in the home that you are looking at? How far is the house from family and friends, shopping, school parks/recreation and work? It is very important that your house fits your lifestyle.
• What tips can you give to first time home buyers?
  • My advice to you is to find a licensed Realtor that has worked with First Time Home Buyers? The home buying process can be very intimidating and there are many questions that first time home buyers have. It is very important for the Realtor to be very patient as you will have more questions than a person that has purchased a home in the past. I help a number of first time home buyers on a monthly basis. I enjoy working with them and would be happy to talk to you further about your home desires and needs, call me any time.
• What is the benefit of a Buyer’s Agency with a Realtor?
  • The primary reason is this; a buyer’s agency is a contract between the Realtor and buyer. It is designed to protect both parties, but is mostly designed to protect the buyer. Think of it like this, it is much like the difference between a coach and a referee in professional sports. The coach is primarily interested in the interests of his team and he is doing everything he can so that his team will win. The referee is only interested in making sure the rules are followed and has no ties to either part. I want to be your coach and I want to make sure that you win.
• What are the benefits if we buy a house on our own?
  • It is very common for non licensed buyers to believe that they will save a lot of money if they buy a house without a Realtor. This is not always the case and many times it is a huge risk for the buyer. A great example would be if person wanted to buy a For Sale By Owner (FSBO) property. Statistically speaking a FSBO property will be on the market for 2 to 3 times as long as a property listed by a broker. Most of the time the properties are on the market for a long time because they are not properly priced. This happens in the current real estate market because the FSBO simply cannot pay a commission to a Realtor and would be in a Short Sale situation if they listed it with a broker. The main benefit of working with a Realtor is that we can help you determine what the market value of the property is by looking at the factual data in the MLS. We also negotiate on your behalf and are committed to getting you the best deal possible.
• Is a Short Sale the right solution for me?
  • Lenders are increasingly more willing to work with homeowners in a short sale situation and often times will accept a discounted payoff on your mortgage. If you have a hardship that has put you in a situation where you are no longer able to make your mortgage payments, you may be a candidate for a Short Sale. A Short Sale is much better situation than a Foreclosure and puts you in a situation to talk about terms with the lender. If your home is sold in a Foreclosure Sale, the lender can legally come after you for the deficiency, don’t risk it and Contact Me Today.
• If I sell my house as a Short Sale, How much do I have to Pay?
  • Nothing at all and if anyone tries to charge you, my advice to you is Runaway. If your lender approves a Short Sale on your property they will pay the costs associated with selling your home including broker commission and closing costs owed by the seller. As a Realtor who is an expert in Short Sales I will be sure to guide you through this complicated process. In most cases all you will have to do for me is collect the required documents, I will do the rest.
• What do I need to do to start the Short Sale process?
  • Really simple, Contact me and I will help you navigate through the process. I will walk you through each step of the way. If you would like to talk to me on the phone, I can be reached at 720-989-5283. I am always willing to talk about the situation and it will be strictly confidential.
• What kind of Hardships will my lender consider?
  • The key to establishing a hardship is having a strong hardship letter. The hardship letter will typically set the tone for the short sale request. Here are a couple of the common hardships they consider:
    • Illness or injury
    • Job relocation
    • Job loss or reduction in pay
    • Divorce
    • Adjustment in mortgage payment
    • Family illness or injury
• Why would my lender agree to accept a Short Sale?
  • There are several reasons that a lender would choose to accept a short sale. Some of the reason are as follows:
    • Legal Concerns – Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution.
    • Wall Street is Watching – Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. If mortgages perform poorly after they are sold it could impact the lender's ability to sell their loans on the secondary market. A successful Short Sale gets the loan payoff resolved quickly.
    • Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. It is expensive to manage real property assets - homes – spread throughout the region, the state and possibly even the nation. Keeping properties maintained, keeping utilities on, making repairs and the administrative costs attached to these activities are all costs the lender would prefer to avoid. A successful Short Sale eliminates most of these costs.
    • Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. For all delinquent and non-performing loans lenders must set aside funds in reserve to deal with potential losses. These funds cannot be put to work generating new loan fees until the bad loans are resolved. A successful Short Sale lets the lender put more money to work.

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