Life in Big Canoe, Real Estate in the Mountains

5216 Columbine Drive

Many of my clients know there are some fantastic Big Canoe homes for sale, but what everyone always asks is “Are there any great deals in Big Canoe right now?”  I have an answer to that question.   My listing on 5216 Columbine  (see pictures on link) has just been approved for a short sale.   This is so new that the price hasn’t even been determined yet. It may not get to me until the end of the week, but I have the green light to submit offers. The word has gotten out and there are some interested parties, but no offers as of yet. I know the ball-park range but since I have nothing in writing I can only say “hot” or “cold.”   If you are not familiar with the term Short Sale I’m writing down the Cliff’s Notes version and you can feel free to call me with any questions.

Short Sale Basics:

The term “short sale” means that the bank who holds the loan on the property is willing to take a reasonable loss rather than getting the home back via foreclosure.  Reminiscent of the Soup Nazi from Seinfeld, this process is VERY rewarding if you follow the simple but strict rules. However not following the procedure to the T can get you sent to the end of the line and “No Home For You, Next!”

• Buyers need to be pre-approved by a lender and must submit a pre-approval letter from the bank.
• Once the price is set on the short sale there is very little wiggle room. 
• Once the offer is submitted it goes to underwriting where it waits for approval. This takes about 45 days. You will then get either a “yes or no” answer.
• If the answer is close to what the bank will take there will be a counter. Once approved the Buyer has up to 30 days to close or they can close immediately.
• Offers need to be “as-is” no contingencies.

Many of you want to secure a loan at a decent rate. Good rates have time limits so it’s wise to wait about 30 days into the “waiting period” to apply for your loan. Until we have a confirmed price I will be happy to discuss some basic figures and help you prepare an offer that has a fighting chance. Currently the home is at the old listing price of 449K Just ignore that price and call me.  I’ll be ready when you are!

-Karin