After reading yesterday’s Denver Post article regarding foreclosures, it is no surprise that the Aurora zipcode of 80013 in Arapahoe County has been hit hard by both foreclosures and job loss. We also realize the Aurora zip codes of 80014 and 80012 have also been hit hard by unemployment. As CDPE’s, or Certified Distressed Property Experts, we have been painfully aware of these statistics for months. Nice, sought after, middle class communities such as the Conservatory, Tall Grass, Tollgate, and Seven Hills are now dotted with foreclosed homes.
Another piece to the puzzle is that many homebuyers put little or no money down when they bought their home. Unfortunately, with no “skin in the game,” the best long-term business decision for a distressed homeowner is often just allowing the home to foreclose. This is by no means advocating just walking from a home – this is the biggest decision a homeowner will ever make.
The big surprise is that seven out of ten distressed homeowners never even contact their lender. Many do not realize that they still have rights that can be exercised during the foreclosure period. A simple call to the lender will inform a homeowner that he or she needs to get the property in as good of condition as possible, and list the home with a Realtor who understands the very complicated short sale process and how to work in concert with the lender. Documentation must be submitted to the lender supporting a short sale request. The fact that seven out of ten homeowners do not start the process is really very mind boggling. This means that seven out of ten homes will foreclose, and seven out of ten these homeowners might have been able to avoid the long-term consequences of a foreclosure.
To get advice on whether or not you will qualify for a short sale, please contact a TeamCox member today at 303-400-6060. We can help.
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If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance