Archive | Short Sales
Sell your home in 7 days (or less) – I can do it if you really want me to.
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!
Real Estate Deficiency and the Washington State Statute of Limitations
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 – The seller’s responsibilities.
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.
Do Bank Negotiators Get Fired Often in Short Sales?
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.
Define Real Estate Short Sale
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.
Don’t wait to short sale your home!
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!
Commit to purchasing your short sale homes!
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 [...]
You aren’t wanting to make an offer on a short sale are you???
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 [...]
Negative Equity on Your Mortgage – Should You Short Sale?
If I have negative equity and owe more than my home is worth, should I do a short sale? You can prevent the bank from foreclosing on your home! This is a question that I hear on a very regular basis. Of course there is no simple answer to that and you really need to [...]

