How to Short Sale a Home in Washington State, Selling Tips, and More
A short sale is an agreement made between a homeowner and their lender that allows the home to be sold for less than the balance owed. The option to short sale my home is available in pre-foreclosure and the early stages of foreclosure as an option for homeowners and/or lenders looking to prevent the foreclosure process from actually happening. They agree to settle for less than the value of the home, allowing the buyer to get a much better deal on the property and allowing the homeowner to get out of their situation relatively unscathed. In every state the short sale process can vary. If you are looking to short sale your home in Washington State, contact Washington Short Sale Team and ask about the short sale process for Washington.
Every state has different laws regarding short sales, but it is best to start the process as soon as you decide that is what you want to do. Some foreclosures can happen in as little as 30-45 days, so there is no time to waste when you choose to short sale a home. If you have a home that contains excessive equity, your lender might not allow a short sale. This is because they can reclaim the value of the property by selling it at market price after a foreclosure.
Of course, the current market and neighborhood also affect the decision of a lender as to whether or not a short sale is allowed. If there are a lot of homes available in the nearby area, they may decide a short sale is better than ending up with a property that they might sit on for months, or even years, before it sells. You really need to talk to your lender to get the details about your short sale process and figure out what is best for your situation.
Your lender also decides what gets reported to your credit, but most accounts are marked as “paid” on a credit report. In the notes, however, there is usually a reference to the fact that it was sold or settled for “less than the amount owed” or something to that effect. Of course, a short sale always looks better than a foreclosure. You also cannot make a profit on short sales. The money made from the sale goes directly to the lender.
Although it isn’t always the answer, many homeowners do choose the option to short sale my home. This is because it benefits everyone involved in the loan transaction, including the seller and the lender that is currently holding the mortgage. Plus, the lender won’t have the huge expense of foreclosure proceedings and a buyer can get a great deal when they snag a short sale rather than buying a traditional property for sale. For more information on a short sale in Washington state, contact Washington Short Sale Team at (206) 852-7026 and speak with a specialist today.