Seattle Short Sale ExpertsSeattle Short Sales Experts:
The team at ResidentialSeattle.com can be your solution to Short Selling your Seattle home. With many successful short sale transactions we have the experience to get your home sold under the most stressful circumstances.
Experienced Short Sale Team
Certified Distressed Property Experts
7 Day Customer Service
Proved Track Record
Short Sale Purchasing Experts
What is a short sale?
A short sale is the sale of a home when the proceeds from the sale do not payoff the existing mortgage balance(s) on the home. The mortgage holders agree to forgive the “shortage” and to pay the closing costs on the sale of the home.
Why should I Short Sell my home?
To avoid foreclosure, salvage my credit, and stay in my home longer.
Is a Short Sale Right For Me?
If your current life situation makes it impossible and or worthless to make your mortgage payments, you may consider a short sale.
Banks are willing to work with your shortage in this economy and real estate market because they do not want to foreclose on your real estate and hold it on their balance sheet as REO (Real Estate Owned).
If you want to avoid the credit impact of a foreclosure or signature of a Deed in Lieu, you may consider a short sale
What does a Short Sale cost me as a seller?
If I do a short sale, how much will I have to pay to sell my home?
More than likely, you will have no expenses. The bank pays them.
Can I simply deed my property to someone else and avoid the hassle?
Yes, but this has a MAJOR impact on your credit and possible payoff implications. Generally speaking, this is FAR less favorable than the execution of a short sale.
What sort of hardship would my bank consider legitimate?
If you are likely to go delinquent on your loan, the bank will consider any legitimate hardship:
- Death or illness in the family
- Family/relationship disintegration
- Income loss or income change
- Relocation
- Other factors that impact your ability to make your payment OR sell your home for more than the mortgage value.
I am current on my mortgage, will my lender consider a Short Sale?
Possibly. Generally speaking, however, the banks won’t negotiate with people who are still paying them; delinquent accounts are the squeaky wheels that get the grease!
Why would a mortgage company agree to accept a Short Sale?
Banks do not like to own homes. They are expensive to hold, maintain and sell and are generally a liability.
Banks are businesses that operate to make money through the selling and buying of money and debt; not homes. Homes they hold, and bad debt they hold, impact their balance sheet and affect their ability to do business.
Are all short sales approved?
No.
The worst case, however, if you try, is that that you get to stay in your home without payment. You are also making a “good faith” effort to help the bank and yourself.
I have two loans can I still do a short sale?
Yes. We will negotiate a shortage settlement amongst the first and second mortgage holders.
I have investment property, can I short sale that?
Yes.
My real estate is in poor condition, can I execute a short sale?
Yes. Your home can be marketed, sold and negotiated. In fact, the bank may prefer they not take a home that needs significant work that they would have to pay for.
I am worried about my credit, will this short sale affect me?
Yes, but it is the far lesser of the two evils; the other being a foreclosure (or Deed in Lieu). Your credit will be impacted, but by far less then the foreclosure would. This puts you on a faster track to solvency and credit worthiness.
We will also refer you to a credit repair company.
