A short sale occurs when a property is sold for less than the outstanding mortgage owed by the owner. This is often due to financial hardship. Funds from the sale go to the lender. The lender can choose to forgive the remaining balance or pursue repayment through a deficiency judgment. Some states mandate forgiving the price disparity. Approval from the mortgage lender is crucial before proceeding with a short sale. This can be a lengthy process involving substantial paperwork. However it has a less adverse impact on credit ratings compared to foreclosure. Also, if you are looking for a horse property for sale in Colorado, contact Colorado Horse Property today and speak with one of our horse-person realtors.
Bank Owned and Short Sale Horse Properties
Foreclosure happens when a borrower fails to make mortgage payments, leading the lender to seize the property. Lenders initiate foreclosures as a last resort. Foreclosed homes are typically sold quickly, sometimes through public auctions. After foreclosure, individuals may face a waiting period before purchasing another home, and the foreclosure record remains on their credit report for up to seven years, affecting creditworthiness. Colorado boasts a variety of bank-owned and short sale horse properties, offering opportunities for buyers interested in equestrian real estate at potentially reduced prices. These properties can provide an excellent chance for horse enthusiasts to find their dream home or investment opportunity in Colorado’s scenic landscapes.
During a short sale, distressed homeowners can usually stay in their homes. Despite the labor-intensive nature of the process, there are potential benefits, such as the chance, with restrictions, to buy another home immediately afterward. While completing a short sale requires significant effort, the potential rewards may outweigh the challenges for some homeowners. Stay on Colorado Horse Property for more on this subject and to see bank owned horse properties in Colorado.