The Expert Solution, Short Sale Washington State
Distressed homeowners in the northwestern United States are increasingly looking to short sale Washington state as an excellent alternative to typical foreclosure options. Foreclosure is a very negative process, typically full of stress for the homeowner and loaded with costly dealings and wasted time for the lender. Foreclosure rarely ends well for anyone, with the homeowner left with a bleak credit report and the lender left with a foreclosed home that is typically quite difficult to sell. To see more about how our short sale process can benefit you, contact Washington Short Sale Team at (206) 852-7026 and speak with a specialist.
This is not the way it has to be, however. Short sale is a viable alternative in many cases. Short sale occurs when the lender agrees to the home being sold for a lower price that what is still owed on the mortgage. This is typically done in areas where the housing market has not yet returned to what it was prior to the economic downturn of 2008. The bank usually feels that it will benefit them most to cut their losses on the home.
A short sale is much better for the economy as a whole as well. A house in foreclosure can significantly decrease the cost of homes around it. In addition, the person who has gone through foreclosure is a less vital member of the economy due to their lack of credit-worthiness.
The Benefits of a Short Sale to the Individual
Of course, the individual seen to benefit most distinctly from a short sale as compared to a foreclosure is the homeowner. A short sale does not normally show up on a credit report. A foreclosure, on the other hand, can ding a credit report for up to seven years, making the individual ineligible for home buying, car loans or leases or credit on other large purchases. In addition, during a foreclosure, the lending agency, bank or credit union may file a deficiency judgment if they believe that they can get the rest of the money back from the homeowner. This type of lawsuit can saddle an individual with enormous debt as well as a multitude of legal fees. Finally, a short sale is beneficial because it is usually a much shorter process than a foreclosure is, resulting in peace of mind for the homeowner.
Not every real estate agent is qualified for short sale Washington state. It requires a certain level of expertise in working with banks and lending companies as well as with legal firms. The knowledgable agents at Washington Short Sale Team are well-qualified to deal with any home in short sale and can guide homeowners down this sometimes confusing path. The agents here know the importance of getting through a short sale as quickly as possible to allow the homeowner the chance to move on with his or her life without a load of debt.