Short Sale Process in Washington State
There are several reasons why a person may put their home up for a short sale. In general, short sales mean that the home is going to be listed for a much lower price than it is worth just so that it sells quickly. The homeowners ideally wants the house to be on the market for as little time as possible, and this is why a short sale is often within their best interest. The reasoning for this may be due to losing the home to foreclosure, going through a divorce or someone who just wants to get into a new home and cannot wait for the house to take months or years to sell. If you are interested in learning more about a short sale in Washington State or the short sale steps, contact Washington Short Sale Team at (206) 852-7026 and see what a short sale specialist can do for you!
What is Your Homes Current Status
The first thing we need to do is learn about your situation. Are you current, or in default? Is this your primary residence, or an investment property? Do you have one loan or two, or more? Do you have private mortgage insurance (PMI)? Do you have other liens on the property? Is there a Trustee Sale date? Do you currently have a listing agent? This first step begins by you contacting us. We will then have a phone consultation with you to learn about your situation.
Do You Have all Your Paperwork
The 2nd step is to collect all of the required paperwork that your lender(s) will need. We will set-up our file, and make sure that you have answers to all of your questions. If you have any legal questions you will be able to get them answered by our attorney at no charge. Whether you have an offer on the property or not, we will submit the paperwork to your lender(s) to determine your eligibility for a variety of HAFA, Freddie Mac, and Fannie Mae short sale programs.
The Negotiation Process
Once an offer has been received on the property, it is sent to the lender(s) and the negotiation process begins. This stage typically takes 60-90 days to complete. Once we receive a response from the lender(s) it is provided to you for review. At this stage, if you have any additional questions, our attorney is available to answer all of your questions.
Proceed to Closing
Once you have reviewed the short sale approval letter(s), and the buyer has waived their contingencies, we will proceed to closing. Seattle Short Sales, Inc. manages the entire short sales process all the way through closing, getting any extensions as necessary and making sure the buyer’s financing is in order.
For more information on a short sale in Washington State, contact Washington Short Sale Team today at (206) 852-7026 and let a short sale specialist assist you in your short sale.