The rise in recent foreclosures, both nationwide and in Colorado, has created a large group of home sellers in Colorado Springs that are desperate. These desperate Sellers offer a unique and serious impact on the Colorado Springs Real Estate Market and can be difficult to compete against.

Who Are Desperate Sellers?

These homeowners probably also have an adjustable rate mortgage, and have already fallen behind on their mortgage payments. Their lender is planning to foreclose on them, and so in order to save their already damaged credit from a foreclosure, they try to get their home sold. Often times these homeowners cannot get what they owe for the property and the bank winds up having to accept a short sale.

Desperate Sellers will do whatever it takes to get that home sold. They already messed up their credit and really have nothing to lose by accepting ANY offer that their bank will consider.

We work with Sellers in this situation quite often, and although it is A LOT of hard work, it is ten times as rewarding to get the home sold for them in the needed timeframe. So, in addition to the desperation of the Sellers, a great listing Realtor® will be working VERY hard to market and SELL this home for their cleints as well.

How to Compete against a Desperate Seller (and their agent):

By just NOT being a pre-foreclosure, you will automatically get more interested buyers in your home. Many home buyers do not have the time nor patience to deal with the extended contract times that potential short-sales tend to bring. Not to mention the emotional turmoil that may ensue along the way. Financial problems are arguably the number one cause of divorce, and a pending foreclosure may be wrecking equal havoc on the Sellers' lives. Many Buyers, when looking for a home for sale in Colorado Springs, are not looking to add additional stress to their lives by having to deal with severely desperate and emotional Sellers.

Also, a desperate seller, like a motivated one, is probably rather cash-strapped and will not be able to offer negotiations on terms (like paying closing costs) nor offer any help with inspection items. Make sure that your Colorado Springs Realtor® advertises all the incentives that you are willing to offer right up front. Two great incentives include:

• Offer to supply a One Year Home Warranty
• Pay for some/all of Buyers Closing Costs

Read Also: Colorado Springs Home Sellers: 5 Tips for Selling Your Home to First Time Home Buyers

Read More form this Series:
Selling Your Colorado Springs Home: How to Compete Against Motivated Sellers
Selling Your Colorado Springs Home: How to Compete Against Bank Owned Properties

Posted by: Mariana Wagner - Wagner iTeam - Colorado Springs Real Estate Agent
The Wagner iTeam is a power-team of Keller Williams Clients' Choice Realty, specializing in Colorado Springs Real Estate and Monument Real Estate.