Some good news and some bad news on Denver short sales.
First the good news. Over the past year, we’ve seen most major banks drastically improve their response time and communication with regards to improving short sales. What used to take 6-9 months can now be done in 2-4. We have several metro Denver short sales under contract which should close in under 3 months.
Now the bad news. According to a new report out from CoreLogice and reported in the Denver Business Journal, metro Denver homes that are underwater (the homeowners owe more than the home is worth) have increased over the last fiscal quarter:
The second-quarter report, released Tuesday, shows 145,242 residential properties with a mortgage in the Denver-Aurora-Broomfield metro area were in negative equity. That’s 22.9 percent of all homeowners with a mortgage in the area.
Negative equity and “underwater” mean a homeowner owes more than the property is worth.
Nationally, 22.5 percent — 10.9 million — of residential property owners with a mortgage were underwater in the second quarter. That number dropped just slightly from the 22.7 percent figure from the first quarter.
If you are in this situation yourself, don’t panic. It doesnn’t mean you can’t sell your home. Give us a call and we can walk you through the Short Sale process and educate you on all of your options. You can reach us at 303-726-1874.
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