Summer Ends Short Sales Begin

Pictured here is my backyard in Woodmoor. Summer's officially over here in Monument though I refuse to cooperate - still in my capris and Rainbows! It's true, kids are back to school here in District 38 and everything is ramping up now that the last weekend of summer has passed. Temps are beginning to drop - the high today in Northern El Paso County only about 70 with some thundershowers. And what else? A new onslaught of short sale listings. Everyone gives a sigh when pondering a short sale and reflects on the economy and the pain for those having to face foreclosure. Is it a recession or a depression? One thing for sure, the number of short sales we're seeing can be depressing. I view short sales as bittersweet for my sellers. I know how hard it was for them to call me to list their home in short sale. How do I know? I've been through it myself. But I also know that their future can be bright and things will not stay this way forever for them. They've turned the corner by making a decision and that is half the battle! Making that big decision to short sale one's own home is fraught with emotion and many questions that roll over and over in one's mind. It's a last resort for sure. Can I forestall this pending foreclosure? Will I get that job I need so badly? If I get that job, will I make enough money to cure the default? Will I ever make enough money to make up the deficit? What will my family think of me? What will my friends think? Where will I move? Are there rentals available? How much will it cost for me to get into a rental? Will I ever be a homeowner again? Does it even make sense to keep my home in light of how much I owe and how much it is worth right now? If my lender agrees to a short sale will they come after me for the deficit later? Will I pay taxes on the deficit? I have no money to make repairs to my home before closing - how can I leave my house to someone else this way? Can I find a place in the same school district so my kids can still go to the same school? And What if I had just done things differently? is probably the most painful question of all. And these are just a few of the questions... it's never easy to face foreclosure. But millions are asking these questions daily in hopes of finding a better solution to their problem. The bitter part is that as long as there are high unemployment rates there will be short sales and foreclosures. The good news is that lenders are much better poised now to slog through the paperwork and negotiate quickly to make this a better proposition for both buyers and sellers. Days of retail sales are gone for us Realtors - the best priced homes are short sales and foreclosures and that's what our buyers want here in Colorado Springs, Tri Lakes, Black Forest, Woodland Park, Divide, Manitou Springs and Fountain, just to name a few communities that I serve. The sweet part is yes - there is life after short selling a home! Many find that it's a breath of fresh air to downsize and get their debt under control. To simplify by selling much un-needed stuff and focus on what's important physically, emotionally and spiritually is a great thing. To support each other and make the best of things is a great thing and should never to be underestimated. If you know someone facing foreclosure, encourage them through this tough time. We all need to support one another whether we are imminently facing this or we are blessed with good finances. Signing off now from Woodmoor, a little long-winded, but hoping it will encourage someone.