Short Sales in the Seattle Area
Most home owners in the Seattle area are in a short sale situation. Meaning of course that if they sell their home now, it will not sell for enough to cover what is owed to the bank. There is a lot of debate whether it is better to let a home go into foreclosure, short sale it or just stick with it and try and do a loan modification.
I am not a big proponent of letting the banks foreclose on homes. Foreclosures are hard on your credit and makes it impossible to buy a home again in the near future. Letting the bank foreclose on your home also means a 200-300 point hit on your credit report. Not a good thing.
The much anticipated government programs to get banks to do loan modifications is not having a stunning effect. I have heard few success stories, and while it is possible, it is not a guaranteed thing. Plus, this is only an option if you are planning on staying in your home. If you have to move, tough luck.
That leaves short sales; the bane of real estate agents lives. Many are even charging money up front just to take a short sale listing. I still don’t but it is a trend I am seeing more and more. Some agents are not even taking short sale listings or even showing them to their buyers if they can avoid it!
Short sales mean we need to not only find a buyer from your home, but convince the bank that they need accept an offer that they should take less for your home than what is owed upon it. I would love to tell you that I am capable of making banks process short sales and that every one I have laid hands on has magically gone through, but banks don’t work that way. Offers made on short sale properties can take months to process. Much of that time is just sitting in the dark, and that is AFTER we get an offer.
What I can tell you, is that you absolutely need an experienced, skilled agent that can keep the sale of your home on track. Not submitting the right piece of paper, or saying the right magic words can result in the bank rejecting an offer or denying your short sale. This isn’t for the faint of heart.
Sadly, if you are upside down in your home right now and have to sell, a short sale is your only option. It isn’t an easy process and no agent, no matter what they say, can guarantee success. What I can tell you is that I have been doing short sales for my clients from before it was a household term.
Are you are in a situation where you need or have to sell your Seattle area home? Call me today at 425-773-3149 right now! With short sales, time is of the essence, especially if you are behind on your payments and are looking at an auction date coming up.
Not in the Seattle area and need to sell a home? Feel free to contact me for a referral to a top notch real estate agent or real estate investor that can help you get out from under your home.
Photo courtesy of TheTruthAbout…
Written by: Jacqueline Cliff
