Yes, You Can Avoid Foreclosure with your Vancouver Washington Home!
This cute ranch-style home in the eastern part of Vancouver WA's Cascade Park Neighborhood has a new owner, and thanks to our buyer's agent along with the seller and listing agent working together; this home avoided foreclosure. The story of how we concluded with a happy ending is an interesting one, to be sure!
Back in early May our client called to see this home, as it just had a price reduction that made it very attractive to purchase. We set up the appointment to see it but, we were warned that the disgruntled tenant was making showing the home difficult - and indeed he did. We got quite an earful, and we were expected to pay $3,000 to get him to move out one week early! As a short sale with a new price in the take-out zone, we offered full price, with FHA financing but no buy-out for the tenant. We ended up being second or third position and thus, moved on to find another home.
Our buyer did find another short sale home and we placed an offer that was acceptable to the lending banks. However, the written approval was taking forever and a day. The Seller harped on their lender; the Listing Agent harped on the lender -- to no avail.
Meanwhile, the transaction for this home with the first buyer was chugging along, the disgruntled tenant was paid-off and moved out. Then, within days of Closing the buyer's financing failed!!! We got the call on Sunday and we were also told the home was going to the foreclosure auction at the Clark County Courthouse Gazebo that Friday! If we wanted this home and moved quickly enough, our buyer could purchase this home.
Monday afternoon we showed the home again to our buyer, this time without the tenant there to rain on us! Within an hour we had an offer prepared and e-mailed to the listing agent. By that Friday we had written approval from the lending bank and were able to open Escrow!
We had put the other home's listing agent on notice that we may be switching AND that home's lending bank still could not get us written approval in time!
In the end our buyer moved into a nice home with only a few minor maintenance items to catch up on, at a price that was at least $30,000 below the financing appraisal. In a market time when we still aren't certain if prices are stabilized or will fall slightly, this built-in equity cushion is a great way to start a person's home ownership in Vancouver.
Thinking of purchasing a home in Vancouver or the greater Portland Metro area? Each of us on our team would welcome the opportunity to show you how to capture your own great deal in this market. Call us today!
About the author: This piece was written by John Slocum with REMAX Vancouver WA; and a key member of the Alexander ~ Slocum Team. Call John toll free at 1+888-525-5528 ext. 83 and we'll get you movin'!
For more information, including videos on real estate and living in Vancouver Washington and the rest of Clark County, please visit:
Real Estate in Vancouver Washington
Homes for Sale in Vancouver WA
Current MLS Market Report for Camas, Vancouver and Clark County
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