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 [...]
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.
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 [...]
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 [...]
Reading FTC rulings is not the most exciting stuff, but the new MARS ruling that has mostly gone into effect will dramatically change the market for providers of loan modification and short sale negotiation services across the country. As the market crashed and people started scrambling for a new way to make a buck (at [...]
Part of doing a short sale is submitting a hardship letter to the lender stating your case and why with your situation, they should accept an offer on your home that is less than what is owed on it. What a hardship letter is not is a place to complain about what your lender has [...]
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 [...]
I had to share this very funny and not so far from the truth video about buying a bank owned property. It is becoming increasingly more frustrating to help buyers get into a home, simply because the banks and listing agents just don’t care, or are working by some odd set of rules that have [...]
© Jacquie Cliff – Professional Seattle Area Real Estate Broker with Champions Real Estate Services
