Short Sale in Washington State with Washington Short Sale Team
Although the significant economic downturn of around eight years ago is mostly behind the American people, a number of small businesses and homeowners still find themselves in trouble financially. It has taken many people a number of years to even find a decent paying job again in a field of their own choosing. In the meantime, thousands of American families find that they can no longer afford the home that they once believed was their dream home. Between high interest rates and low paychecks, many families are staring foreclosure in the face. However, a short sale in Washington State is typically a much better answer to this dilemma than foreclosure is.
Foreclosure usually kills a person’s credit for up to five years, making it impossible for individuals to buy a new home or even apply for credit cards, get a loan on a vehicle or many other larger financial matters that require credit. In addition, foreclosure is typically a very stressful process that can go on for months if not a year or two, causing the homeowner a great deal of anxiety, discouragement and embarrassment.
On the other hand, a short sale is typically a good choice for both the borrower and the lender. The lender will at least recover most of the money that they put into the property, and the lender will not be stuck with a foreclosed, poorly maintained house to sell. The borrower will, of course, not make any money off the home, but his or her credit will still be good and he or she will no longer have the stress of living in a home that cannot be afforded.
A short sale in Washington State occurs when the bank or other lending source allows the homeowner to sell the unaffordable home for less than what is still owed on the mortgage. The benefits to consumers are huge. Not only will their credit remain intact but also they will avoid costly deficiency judgements, which are financial lawsuits and legal fees that may be levied to them during a foreclosure. In addition, a short sale keeps the ball in the homeowner’s court rather than putting the lending agent in charge of the situation. The homeowner will usually have the opportunity to pick his or her own listing agent and to help determine home showing times.
Of course, not every realtor is prepared to help with a short sale in Washington State. This process requires special expertise in working with attorneys, lenders, homeowners and buyers that cannot be found everywhere. However, the experts at Washington Short Sale Team can help guide homeowners through this process while helping borrowers to be debt-free at the end of the process. Contact Washington Short Sale Team today and speak with a trained specialist about your short sale options (206) 852-7026.