It seems like the Colorado Real Estate Commission has made it more difficult to navigate through the less chartered waters of short sales and foreclosures.  As more of these types of sales are increasing during this age of credit-crisis, apparently the legislature now requires that the Notice of Election and Demand occur as soon as a borrower becomes 30 days delinquent in his or her mortgage payment.

According to Paul Goldenbogen, who is the Employing Broker of Keller William Partners and who also serves as President of the Colorado Real Estate Commission, he states, “If the buyer is an owner occupant, no problem.  Show it and sell it on the new contract form.  If the buyer is an investor, then the contract should be written by an attorney.”

So far, we’re looking into attorney-drafted contracts on this subject matter.  The search leaves us perplexed about the exactness of detail with what should actually be contained within this type of contract to fully serve the purposes of the Colorado Foreclosure Protection Act.

Ambiguity seems to dominate the real estate landscape, especially for the investor who is biting his or her chops to contract on a distressed property.  The scoop on the street is that some Colorado Springs Realtors who specialize with investments are circumnavigating short sale properties for the short-term.

Meanwhile the Selley Group has contacted some attorneys about this matter to attain the right contracts that will comply properly with the intent of the law for Colorado Springs Real Estate.

In conclusion, Paul Goldenbogen has speculated that perhaps some change might be made to the Colorado Foreclosure Protection Act in January 2010.

Keep us on your favorites.  Please click on to  www.cheriseselley.com for more information from the perspective of an Elite 25 Colorado Springs Realtor.