Mortgage rates still very low…

Generally speaking, this is advantageous for both buyers and sellers.  Low rates mean people can afford “more” home.  However, a buy/sell recommendation should be based on your specific market.  Be wary of anyone who makes the blanket statement, “Now is a good time to buy or sell in any market.”   Ask them why…why is yours a good market?

Mortgage rates lower again. 30-year fixed avgs 3.40%, 15-year fixed avgs 2.61% (a new record low). Chart:

Shared via Plume

What is a short sale?

A short sale is a transaction in which the homeowner sells the home for less than the balance of the mortgage.  The main purpose behind the sale is discharge of the remaining balance between sale value and mortgage value.  These sales require approval by the lender but are, in my opinion, worth the effort.

Why shouldn’t you just walk away and allow foreclosure?  First, foreclosure leaves a collectible debt.  The deficiency – the difference between mortgage and sale value – is a collectible debt that can follow you for years.   One of the benefits of a short sale is that the lender will waive the deficiency, discharging it through a 1099-C and stipulating they will not pursue the same.

The second major reason is that a short sale – properly negotiated – can impact your credit less than a foreclosure.  The total impact to my credit in our short sale was approximately 80 points.

Finally, you can qualify for a mortgage sooner with a short sale than with a foreclosure.  For us, it was 23 months from close of short sale to new mortgage.

Questions?  Give me a chance to help! Email me at, or call 719-440-6626!


Welcome to the site!

Thanks for stopping by!  As you can see, the site is still under construction; I expect to have it up and fully running by the first week of May.  In the meantime, I will begin posting information about the Colorado Springs area and market.  If you’re looking to buy or sell, I’d be honored to assist you in the process.  If you have any other questions, please don’t hesitate to contact me at or!