While Seattle remains one of the most stable real estate markets in the country, there are a number of home owners who are experiencing hardship due to teaser-rate mortgage adjustments, job loss, illness, divorce or other unexpected circumstances. If a home owner is struggling to keep up with their mortgage, or if they have fallen behind on their payments, they might have an option other then losing their home to foreclosure.

Many people in the situations noted about don’t have enough equity in their home to pay the mortgage, late fees, commissions and excise taxes due at the sale of real estate. In other words, they owe the lender more on the mortgage than the property plus selling costs will support. When this is the case, and the borrower needs to sell, one solution is a “short sale”. In some situations, the lender may allow the homeowner to sell the property for less than the mortgage payoff. The loss is either completely written off by the lender, a payment arrangement is made with the borrower, or a lump-sum for a potentially lesser amount is agreed to. The lender will make its determination based on the financial status of the borrower. For example, if the borrower has enough income and has been keeping up with payments, the lender may not be as motivated to make such an arrangement. Or, if the borrower has liquid assets that would cover the loss, the lender may not be amenable to a short sale.

Getting started on a short sale is easy. First, we’ll guide you through a series of questions to see where you are in the qualifying process. Next we will work with you and your lender, along with a team of title and escrow representatives, to put together a package that the lender will require to get started. Then we’ll list and market your home for you, all the time working closely with your lender, and procure a buyer for your home. Lastly, we’ll submit a signed purchase and sale agreement to the lender, completing the lender required package and again organize and work with the team to complete your short sale.

Lynn Robertson, a Seattle real estate broker explains, “Ultimately our goal is to get you out from under your mortgage with few or no penalties, and with far less damage to your credit then a foreclosure would otherwise leave”.

YourSeattleHomeTeam.com Inc. has helped many homeowners through the short sale process. They provide confidential consultations and have agents available to answer questions and offer their experience and guidance to you. For many financial troubles come at a huge emotional cost and are often barriers to seeking help. Lynn explains “I feel great compassion for people who are experiencing financial downturns and it is our goal to give them a better option than foreclosure… short sales offer potential for quicker financial turn around and less long-term devastation than foreclosures”.

The key to avoiding foreclosure is to be proactive. It is better to ask for help and guidance and not need it than to try to ignore the situation before it is too late. You may be surprised at how willing your lender may be to work with you rather than let you go into foreclosure.

Useful Real Estate Investors tools

• Seattle Real Estate Listing Emails – You can input the location, type, size and other features of a house you are looking and have new listings matching your criteria sent to you when they are listed.
• Periodic Home and Neighborhood Value Reports – Receive detailed real estate value report for property you are looking to buy or property you already own.

www.YourSeattleHomeTeam.com

801 Pine Street, Suite 100 ,
Seattle, WA, 98101.

Toll Free: 1 888 FOR YOU2
1 888 367 9682
Seattle : (206) 381-1437
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