Bellevue short sale is banks allow homeowners to sell their properties for less than what is owed. For example, if you owe $460,000 and are two months behind on your mortgage payments and your home is worth only $300,000 today. You get an offer from a buyer and negotiate with your bank, and get the forgive of the difference. It sounds like an easy process but, actually it’s NOT. It is a complicated process.
While loan modification programs have fallen short of the mark so far, there is another option for homeowners. It’s called a short sale — a sale to a buyer where the seller’s lender agrees to accept less than the full amount owed.
We hear about Seattle short sales every day but, not many homeowners and realtors know precisely what the heck Short Sale is. It’s a homeowner selling their home for less than what they owe on their mortgage. For example, if you had a $700,000 home that you can only sell at the current market value of $500,000. Then, a homeowner gets an offer from a buyer. Then, negotiate with their bank, and get the forgive of the difference.
It sounds like an easy process but, actually it’s NOT. It is a complicated process. We want you to be aware that not every realtor and real estate agents are short sale specialists. Even in our team, we have only a few short sale specialists. So, whenever we have clients who want to Short Sale their homes, we make sure our Short Sale experts handle it.
“All of our Professional Short Sale Services are 100% FREE for you!
Our Short Sale Expert Team has a Success Rate of 98% on Approvals from the Banks!
We are the Best Short Sale Specialists in Seattle, Bellevue, Kirkland, Redmond, Issaquah, Mill Creek, Bothell and Renton, WA.”
Here’s a short sale process, briefly:
1) Get an offer.
2) The bank reviews the documents you submitted.
3) Bank approves, and you close the deal.
Short Sale is like. A homeowner knows it’s their responsibility to pay what they owe to the lender, but, they can’t do it with their current hardship. But, instead of walking away to foreclosure, they try to work with their bank and get forgiven on their mortgages.
Q: Who pays the difference?
A: Surprisingly, a bank eats up the loss.
A: Because they know foreclosure will cost them more money.
Q: Can I get a mortgage after a short sale?
A: Yes, not right away but, you would be able to get two years depending on a bank because you did show you tried to resolve the situation before, and a bank can see that. In case of foreclosures, it’s going to be hard to repurchase another house for the next decade.
Q: How long does it take to close the deal?
A: In average, 62 days before the lender responds to the buyer’s offer. Then, another 67 days on average to close after the lender accepts the offer.
The primary advantage of a Short Sale over a traditional transaction is price. If you could wait up to 6 months, without a doubt, buying a Short Sale home could be an excellent home buying opportunity. Just keep in mind that Short Sales take longer time to close. A Short Sale is not what any homeowner or bank wants to go thought, but, it is the best win-win solution from the worst. [ tags: Seattle short sales, Bellevue short Sale, Kirkland short sale, Renton short Sale, Bothell, Redmond short sales, federal way short sale realtor ]
If you are thinking of selling your home because of financial difficulties and you anticipate a short sale. First, contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification.
If you have a hardship affecting your ability to make your mortgage payments or have already behind payments. You may be able to receive a more affordable mortgage payment under the Home Loan Modification Program. The government’s goal for the loan modification is to make your monthly payments 31% of your before monthly tax income. [ tags: short sale homes Seattle, short sale homes Bellevue, Sammamish, short sale homes Renton WA, Tacoma, Renton short sales ]
A loan modification will impact your credit negatively. It will be reported as paying under a partial payment plan during the trial plan, and as modified after the final modification agreement. The best way to maintain your credit is by staying current on your mortgage payments. [ tags: Bellevue short sale experts, Seattle short sales, Kirkland, Tacoma short sale listings, short sale Redmond WA, Clyde hill ]
When a loan modification still isn’t enough to relieve your financial problems. A short sale could be your best option if your home is worth less than your mortgage(s) you owe on it. If you have a financial hardship, such as a job loss or major medical bills.
If you are facing foreclosure but, you have not qualified any other alternatives. Such as, loan modification or refinance your loan at a lower interest rate to keep your home. A short sale could be a way out. To short sell, your home doesn’t cost you a dime.
Don’t know how to get started with a Short Sale? You are not even sure whether you are eligible to short sale your home? Be sure to contact us for Free Consultation with our Washington State Short Sale Realtors, CDPE (Certified Distressed Property Expert) and SFR (Short Sales and Foreclosure Resource) certified. Our Short Sale Expert Team has a success rate of 98% on approvals from the banks. [ tags: Bellevue short sale specialist, Seattle short sale specialist, Bothell short sale experts, short sales mill creek WA, mercer island, Woodinville ]
1. Potential IRS tax consequences associated with the debt forgiven in a short sale.
2. Deficiency Judgement: The Lender has the right to pursue a summary Judgement for the deficiency.
*Without the help of a competent attorney or a loss mitigation company, this is more likely to happen.
3. Blemished Credit Record.
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A foreclosure happens when you haven’t made any payments for at least 90 days. Your lender sells your property at a public auction to recover their losses, the loan balance, and the foreclosing costs. In many cases, the lender will purchase the property at the foreclosure sale.
If you were not qualified for a refinance or any loan modification programs and received a foreclosure notice today, contact our Short Sale Team right away. We will help you put together the short-sale package to send to your lender for approval right away. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title. [ tags: short Sale in Bellevue, Sammamish WA, short sales in Lynnwood, federal way WA, medina, short sale homes in Kirkland, Issaquah WA, Washington state short sale process]