REO and Short Sales
Here are the results for Aspen, Snowmass, and Basalt real estate reo and short sale properties for sale. REO are foreclosed properties now owned by the bank and/or lender. Banks are usually ready to unload these homes, condos, and land at a rate that is usually below market value.
Whereas, short sales are properties for sale where the homeowner still owes the property, but the owner owes the bank more than the home or property is worth. The seller needs to get the bank and/or lenders permission to sell the home or property at a loss. Short sales tend to be more difficult to close and can take a lot more time for approval.
The buyer and seller can agree to close on a home or property, but it is the bank that has the final say in the matter. That is why it is a lot easier to just buy REO homes or properties for sale because the bank already owns the property and is ready to sell it.
The advantage of a short sale is that the property can be in better condition because in many instances the foreclosed property is in disrepair after having been neglected. Either way, I will try to negotiate you the best deal possible on any of these Aspen Snowmass area homes or properties for sale.
You will notice that Aspen Snowmass does not have that many REO and short sales than Basalt, Carbondale and Glenwood Springs have, because even at the height of the market at the beginning of 2008, over 70% of buyers paid cash.