The Juniper Trail developer, Hermes Resort Properties has designed beautiful 2,700+ sq ft 3 bed, 3.5bth homes starting at $1,068,765.00 in a community where trophy homes sell for more than $5mm

One Of Three Homes Styles In Juniper Trails

There are 15 lots remaining out of 27, pick one you like for $395,000 (part of the purchase price of the home) and close on it before years end.  Once you select a lot your lot you then will pick from one of the 3 floor plans which fits on your lot.  Once you have the plan you then will pick your finishes.  Prior to start of construction you will need to have a construction loan in place, (your bank or the developer’s bank).  I recommend you get all your ducks in a row prior to spring so that you can get an early jump on the building season.

 Why do I qualify these homes as Vail Colorado real estate deals?  Because you will own a home in the exclusive Red Sky Ranch for a fraction of what other homes sell for. You will also be buying at today’s price which Hermes will hold for one year 

 As an extra bonus, one of the next 5 purchasers will have a shot at a Red Sky Golf Club membership.  You will have one chance in 5 of winning a $140,000 membership so what are you waiting for.  Give me a call to discuss further.

More and more potential buyers of Short Sales in Vail and Eagle County are finding the experience is no where near what they have been led to believe by friends and neighbors and of course main stream media.  Why is that? 

Below are 10 reasons why short sales are so difficult.

1.  The listing broker does not know how to present a proper short sale package to the lender.  There are a specific set of documents (short sale package) the lender requires from the buyer before considering a short sale.  Often times the listing broker is not aware of the short sale package.

2.  The Seller needs to prove hardship.  Banks won’t consider a short sale if the Seller has other assets such as a 401K retirement fund.

3.  The Seller naively thinks the lender will agree to take less than is owed.  Assuming the Seller gets the Bank to agree to a short sale, there is the matter of the dollar difference between what is owed and what the property will sell for, known as a deficiency.  Most likely the lender is going to want the Seller to pay the deficiency.

4.  There is usually more than one lien holder of the property.  Most of the properties that are in trouble have one or more liens.  The additional lien holders have to agree to release their lien.  Without being compensated they are not likely to agree as they having nothing to loose.  If the property goes to auction they are out.  If they can get something from the short sale they are ahead of the game.

5.  The mortgage is held by an investor.  Let’s say you make your mortgage payments XYZ Bank.  Chances are pretty good they are just the servicer of your mortgage.  Your mortgage is part of a large block of mortgages (several hundred) held by an investor.  Culling your mortgage out of the block of mortgages and getting the investor to agree to take less is difficult at best.

 6.  The listing broker does not know who the Loss Mitigator is.  If the broker doesn’t know who the Mitigator is or does not have a rapport with the Mitigator the file will sit at the bottom of the stack.  Mitigators like to deal with professional investors with proven track records.

The Loss Mitigator works off a BPO value.  If the BPO was done while the property was listed chances are pretty good the value is higher than what the market will pay.  If the Broker doing the BPO while it is listed does not show a value very close to what the property is listed for, it will be thrown out and the broker will not get paid.

7.  A short sale contract ends up in a stack of 200 to 300 other short sale files.   Once the Seller accepts a contract it is sent off to the lender who turns it over to a Loss Mitigator which means it goes to the bottom of the pile.  If and when the Mitigator gets to the file and the package is not presented perfectly it will be thrown out.

8.  Buyer’s think they can purchase short sales for 50 cents on the dollar owed.  Maybe, if you are an investor buying a block of short sales; otherwise no.  If your offer is too low chances are pretty good you will not get a counter from the Mitigator.

9.  Buyer does not submit proper documents supporting the offer.  When the Mitigator looks at the file and there are no supporting documents, ie: repairs needed with costs, to justify the price offered, the offer will very likely be rejected or thrown out.

10.  The property goes to auction before getting a response form the lender.  Depending on how far along the foreclosure process is, there is an excellent chance the property will go to auction before the Mitigator reviews the offer.  Everyone looses.

What to do?  Find a good broker an buy a well priced property without all of the strings attached—-before the market turns.

How about the home below?

24 Deer Run, Eagle Vail

Short Sales in Vail Colorado