We coordinate short sales for all brokers throughout Colorado.
To maximize your short sale success and reduce your headache, we have developed comprehensive short sale system. By involving our services before listing the property, many issues are avoided. We have in depth short sale discussions with you and your clients to pave the road for a successful transaction. Avoid wasting your time with slow or misinformed short sale processors. We do this full time and know how to get pre-foreclosure transactions closed. Your seller or buyer may miss a perfect opportunity!
We can only work on these transactions if the seller agrees hires us directly. Because we work intimately with the seller's financials, they need to be fully informed about the potential consequences and need someone working directly with their lender. Nonetheless, buyers directly benefit from our negotiation efforts as it is their offer we seek to get approved.
Just like you, we are only compensated when we are successful, so you can be assured that we are focused on bringing parties to the closing table.
What we offer:
We provide full service short sale processing for the Colorado only. Our services range from private 1-on-1 broker coaching to simple short sale processing. We are a small family company and strive to be flexible in all situations.
In all instances we provide:
- Full Lender Coordination with Seller
- Financial Document Review
- Transaction Viability Review
- BPO/Appraisal Support & Disputes
- Offer & Title Work Review
- Title Company Support
- HOA, Lien & Judgment Issues
- Buyer & Mortgage Broker Support
- Homeowner Consults
- Marketing Review
What buyers need to be ready for:
In some cases, the foreclosing lenders also refuse to pay some of the typical seller closing costs. These may include, but are not limited to: Release / Re-conveyance Fees, Document Preparation Fees, Courier Fees, Overnight/E-Doc/Wire Fees, Water / Sewer Escrow, Miscellaneous Title Fees, HOA Transfer Fees and HOA past due balances. If the foreclosing lender refuses to pay these costs, we ask the buyer to absorb them up to $500. The goal of this is to avoid returning to the lenders unnecessarily, risking re-approval and delaying closing even further.
We contract directly with the Seller and are typically paid by the Buyer. Our fees are only earned if Rocky Mountain Short Sales can obtain an approval letter on the offer from ALL lien holders and get your buyer’s offer closed. Your Buyers are not expected to pay more for the property because of our fee. Instead, we recommend you simply cut the purchase price accordingly or ask for a credit (concession) from the Seller in the offer to offset this added closing cost. Additionally, most short sale properties are purchased below their true market value and our involvement will give you a full time negotiator working to get your buyer’s offer approved.
Do you take any and every case?
Our minimum requirements are:
- The sellers are motivated to stop their foreclosure and are willing to work on a solution.
- There are at least 60 days before the foreclosure sale (timeframes shorter that 60 days are reviewed on a case-by-case basis and are only typically successful if you already received an offer).
- Any buyer coming forward with an offer must understand the potential timeline, our involvement and the short sale process in Colorado.
- Contracts are not contingent on another sale, resale or have closings further out than 30 days from lender acceptance.
- Contracts cannot be assignable in any way.
- Buyer must not have any time constraints (e.g., needing to move right away, ending of lease, etc.) If this is the case, a short sale is probably not a good choice for your buyer.
What more do I need to know?
- We find we have the best success if either you have plenty of time to market the property or already have an offer.
- The purchase price must account for all defects and the property is always sold “As-Is” because the seller cannot make repairs or give repair credits of any kind.
- Because of the potentially long processing time-frame it is important for buyers to understand that patience is a crucial part of getting their offer accepted.
- Sellers are not able to pay for buyer’s home warranties, lender’s title coverage, appraisals, inspections, surveys and other similar expenses. Your contract cannot be assignable to another party nor contingent on any other sale.
- Research the encumbrances for the property. If the property is encumbered by more than 3 mortgages or liens, we will only process it on a case-by-case basis. Quite often we are able to remove or discount IRS liens, Colorado Dept. of Revenue Liens and judgments but too many encumbrances can cause logistical problems.
- Because we contract directly with the seller, we are able to speak directly with them throughout the process to keep them informed and to coordinate their paperwork directly.
- We are unable to guarantee any specific result, but since we don’t get paid until closing just like you, we are very persistent.
Private Consulting & CE Classes
We offer 1-on-1 and 1-to-many consulting for you and your staff or a 3 credit-hour CE class "Creating Short Sale Success for Brokers". Want to learn the in’s and out’s of how we process these transactions? Are you looking to train your staff to process your own short sales? We can help! We can share everything from our internal systems and checklists, to our lender scripts to our offer calculator. Contact us today to learn how we can help take your business to a higher level.
