Major short sale annoyance and once again, the bank caused the issues!! Short Sales, Short Sales… Love them or hate them they are here to stay for a while. Considering that fact, it continually baffles me why the banks/note owners insist on making the short sale process so damn difficult. Many of the banks take [...]
Can I rent out my house while I am doing a short sale? For homeowners that have already moved out of their home and are starting a short sale, it is sometimes tempting to put in a short term renter in the property to generate a little cash flow. To answer the question “can I [...]
What is the trick to selling your Seattle area home in 7 days or less? No trick! It is all about the price you are willing to accept and who your buyers are! You can sell your home in 7 days, but the real question that you should be asking yourself is if you need or want to. Before you call that number on the bandit sign, read this!
After playing in the world of short sales, bankruptcy challenges, loan modifications and helping people with their credit, I have started to notice some interesting details regarding the Washington state statute of limitations. Most often this comes up when talking about real estate short sale deficiencies and how long the bank can wait to come back on home owners for the deficient amount.
Short sale approval takes teamwork. A fellow broker recently brought me in as a negotiator for a short sale client of theirs and I have been experiencing a lot of “pain in the ass” events as a result. The main reason for this is the seller’s need to try and control the situation and lack of cooperation in getting things done. Consequently, I am writing this as a guide to sellers what they can do to help their negotiator achieve short sale approval.
After some calling and yelling, I usually get through to someone at the bank who informs me that we need to start the short sale negotiations really pretty much from scratch because the negotiator assigned to our file is “no longer with them.” I don’t know if this means they were fired, quit or were dragged to the basement and put out of their misery, but it happens often enough that when I saw the question “Do short sale negotiators get fired?” pop up I had to giggle a bit.
For sellers, a real estate short sale is much preferable to a foreclosure in the area of credit impact especially if you are planning on buying a home again in the future. Other situations may warrant simply doing a ‘Deed in Lieu’ where homeowners hand the keys back to the bank or even allow the property to go into foreclosure. Of course you should always consult with your tax person or other financial advisers before deciding what to do.
With three weeks before her auction date, we quickly got the home on the market and started looking for a buyer. Then I called the bank and found out the bad news. Her bank would not look at any offers or postpone the auction with less than 15 days on the clock. If she had called me sooner we could have prevented the foreclosure and kept that off her credit record, which will make buying a home in the future much easier!
Buying a short sale home? Be willing to commit to to deal! In the state of Washington, this occurs on the 22-SS Short Sale Addendum. You need to agree to commit to that purchase for a set period of time to allow for lien holder approval. Now, if it takes longer than what you agreed [...]
Not all agents are selling short sale properties, but I do and because of that I field a lot of questions from buyers that have never encountered short sale listings before. In fact, asking them about their experience with short sales homes is one of my first questions. Because so few buyers are educated in [...]
© Jacquie Cliff – Professional Seattle Area Real Estate Broker with Champions Real Estate Services
