Snohomish Short Sale, What You Should Know
A Snohomish short sale is becoming increasingly popular among people facing foreclosure or struggling to keep up with their home mortgages. A short sale is a transaction that takes place between the homeowner and a buyer, allowing them to sell the home for less than the loan balance owed. The benefit is that it keeps people out of foreclosure, helps buyers get better deals on homes, and saves lenders from losing money on a home, spending money on the foreclosure process, or ending up with the title to a property that they can’t sell. If you feel you could benefit from a short sale in Snohomish, contact Washington Short Sale Team and speak with a specialist today (206) 852-7026.
In a short sale, the home is listed for a much lower price than its actual value and the loan value held by the lender. The owner cannot profit from this sale. All proceeds are returned to the lender to consider the mortgage loan “settled” for less than what was owed. This is not an ideal solution but when it comes to foreclosure, the short sale is almost always the better option.
How to Qualify for a Snohomish Short Sale
Washington state short sale guidelines are different from those in other states. You can find information at the Washington State Department of Financial Institutions, which include information and rules such as:
Short sales don’t mean that homeowners are free and clear. Unpaid balances, plus interest and penalties, can still be sought by the lender. If the lender has a court-issued judgment placed, that could remain in effect for up to 20 years if it isn’t paid.
Washington is a “non-deficiency” state. That means that a homeowner can lose their home to foreclosure with the initial mortgage lien holder and still owe money to secondary or other lien holders.
A short sale may result in higher tax debt, and does not automatically discharge any debt, taxes, or other monies owed by the homeowner. It does, however, provide a better alternative to foreclosure in most cases.
Ultimately, as long as you consult with a licensed professional about Snohomish short sales and what they have to offer for your specific situation, you should be able to make the right decisions. You have to be informed and prepared for this process, and be sure to avoid scams and schemes of people who claim to be able to “save your home” or “short sell fast” because anyone can make those claims. Only the professionals can actually come through for you in a short sale. For more information on a Snohomish short sale, contact Washington Short Sale Team and speak with our trained specialists (206) 852-7026.