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About Marianne Farrell:

Marianne is an exuberant hands-on personality. After graduating from Nursing School in eastern Pennsylvania, Marianne decided she preferred working in an environment that took her places, allowing her involvement with clients’ diverse needs in buying or selling a house. There is no surprise why she specializes in helping people of all ages with every detail involved with finding “just the right place.” Marianne is hands on and rolls up her sleeves to help every client, from scaling down and selling their current home, to helping growing families move into more space to those just starting out in home ownership. Read More About Marianne

The Colorado Culture from Broomfield to Castle Rock includes an array of communities. Marianne and her husband have lived in Aurora for over 30 years near the Cherry Creek Reservoir. We are partial to the neighborhoods of Cherry Creek Racquet Club, Cherry Creek Villages: North, South and On The Lake, Pheasant Run & Pheasant Run South and Pier Point and Pier Point Villages

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What is a Short Sale? Everything You Need to Know When Looking at Homes for Sale in Aurora

August 24, 2016

As you are looking for homes for sale in Aurora, you may find a home that is a “short sale.” If you are unfamiliar with short sales, the main thing to know is it can actually take a long time to go through. This is one of the top misconceptions about short sales. They actually may take much longer but could save you money in the long run.
  1. What is a Short Sale? A short sale occurs when a homeowner has been unable to make payments on their home. It is an alternative to foreclosure. The current owner must provide a proof of hardship. This explains why they cannot pay their debt. From there, their mortgage holder allows them to sell the home for less than what they owe. Possible hardships include a decrease in home value, unemployment, health issues, divorce and more. From there the homeowner can work with a local real estate agent to put the house up for sale at a much lower price. For the short sale to work, all involved will have to be okay with taking less than the original sell price. It is also common for a short sale to fall through. This can be frustrating to someone that has been on the hunt for a new home for a long time. With patience and if the home is right, it can be a great alternative for both a new buyer and the current seller.
  2. Potential Road Blocks: A real estate agent will help you decide if a short sale is your best option. The biggest roadblock to remember about short sales is how long they take. If you need to move quickly, this might not be the best option. Depending on the situation, they can take up to a year to complete. One of the reasons is because the mortgage holder makes the decision on an offer, not the homeowner. They may or may not come back around the price you were looking to offer. Another disadvantage to watch for is the property’s condition. Often short sells are “as-is,” so you need to look into the quality of the home. Any issues with the short sale you will be responsible for.
  3. Advantages: Short sales will help you get a great price for a house. Often times a short sale is under the market value. This puts the potential buyer in a great place down the road if they want to sell. In some instances, the lender may work with the real estate agent to finance the home with the new buyer. This is one of the ways that helps to streamline a short sale.
As you look at homes for sale in Aurora, Farrell’s Sales can help! No matter what price point or home you need, we are your go-to premier Aurora realtor. Look at our available properties for sale and call at 303-796-7000 to get started!