Short Sale Help!
What is a Short Sale?
A short sale is one alternative to foreclosure
The term “Short Sale” is used to refer to a home sale sale where the owner owes more on the property than a sale at current market value would net. In order to complete the sale, the lender must be willing to accept less at closing than what is owed. Many owners don’t understand the short sale process or even know it’s an alternative to foreclosure. Even if you owe more on your home than you could sell it for, it’s possible to sell. Lenders would much rather work with you on a short sale than foreclose on your property and then have to sell it at an even lower price.
Example: Mr Smith owes $200,000 to Best Bank. His home is only worth 185,000 and after listing his home he settles with a buyer at a purchase price of .$180,000. From that purchase price selling fees are deducted (Title, Escrow, Recording, Realtor Fees, pro-rated property taxes and interest-etc) and the bottom line on the ledger sheet would be the amount the lender must be willing to accept in order to release the lien and allow the seller to complete the closing.A short sale can be an excellent solution for homeowners to avoid being foreclosed on and in the past several years we’ve been successful helping many families do just that! More and more, short sales are being successfully negotiated due to changes within the lending industry and large investors working to streamline the process.
Why You Need an Experienced Professional to Help
There are many myths floating around about short sales, and even real estate industry veterans are under many misconceptions about the process and probable outcome of various short sale scenarios.
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"I know that dealing with our multi-lot situation was less than ideal, and it was more complicated than just your average short sale. We are very appreciative that you agreed to take it on. You went above and beyond on many occasions!"
- Melissa in King County
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