I have talked about shortsales quite a bit. I put together an infographic on the shortsale process: I was really hopeful that shortsales are getting ‘shorter’ at least timewise; finally PCS orders were considered hardships so that a shortsale process could be started and accepted;
Fact is over the last 4-5 years shortsales have become a great part of our real estate business. Sometimes it’s heartbreaking to see what families have to go through. The real estate market values are rising – not only in Colorado Springs but across our nation. This is great news for a lot of homeowners that have been hanging on to their home, so that at some point they would be able to get out from under their mortgage.
Several homeowners were able to refinance via the HARP 2.0 program and lower their monthly mortgage payment (HARP 2.0 allows Fannie Mae or Freddie Mac loans to be refinanced even though the home is worth less than what the owner owes). If you haven’t looked into it and have a higher interest rate, talk to someone to find out if you can refinance and how much of a difference that would make. It’s really a great program!
Homeprices in Colorado Springs are increasing which will help homebuyers achieve a home sales price that will let them pay all fees and come out even. They can finally move on. What this also means that the amount of shortsales is dwindling. The rockbottom deals are long gone, though you can still find ‘bottom’ deals if your home buying recipe includes a good helping of patience, tablespoons of elbow grease and a dash of a good credit score. A real estate professional will be able to blend it all until ready to serve…um…for closing, that is.
So, is the real estate goldrush over? Probably. Should this keep you from looking? Absolutely NOT. There are always deals to be had! If you are looking to purchase a rental as an investment for future passive retirement income stream – then times are STILL good.
Call or text me 719-321-0800 if you have any question or if I may assist you in setting up a search to find cash-flowing real estate investments.