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Maple Valley Short Sale Myths

There has been so much written in the news, reported on TV and talked about around the cul-de-sac with respect to Short Sales and whether they are worth a Seller's time or effort. I don't know why, but for some reason everyone in the Universe seems to think they are an expert when it comes to dispensing real estate advice.

Here are a few myths I've heard recently:

If you're not behind in payments, the bank won't consider your short sale.
- Not true! While you'll likely have to demonstrate a hardship to your lender, you do not always have to be behind in payment in order for the bank to consider your offer.
Once you've received a Notice of Trustee's Sale, there's no help for selling so you might as well hand the keys over to the bank.
- Not True! Once you have a signed listing contract, some lenders will postpone the Auction Date to allow time for you to get an offer. If they aren't willing to do that, then they usually will halt the sale once an offer is on the table. An experienced Short Sale Realtor will be able to help you with this process.
There is no advantage to a seller to work out a short sale with their lender vs. letting the house go in Foreclosure.
- WRONG!
Short Sale offers never go through and the house ends up in Foreclosure anyway.
- Of course there are no guarantees, but I review files daily...many of which are short sales and I can tell you that to a large degree, the success of a short sale being negotiated is directly related to the knowledge and experience of the Listing agent representing the seller.
Any agent can help a seller with a short sale.
- True, but refer to the prior bullet point.

If you know someone in Maple Valley or the surrounding market area who needs or wants to sell but is upside down in value, please have them call me or email my team or a Realtor experienced in the Short Sale process.

Statistics show that prices in a neighborhood drop about 10% when a Foreclosure is listed....let's all help be part of the solution!

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Colleen Fischesser is the Broker/Owner of RE/MAX Select Real Estate. She has been successfully helping clients buy and sell real estate in South King & North Pierce Counties since 1990 and specializes in the Maple Valley area. Voted by clients and industry professionals as one of Seattle Magazine's 5 Star, Best in Client Satisfaction for 4 years running, she and her team are committed to remaining on the cutting edge of real estate marketing and technology while providing value-added, personalized service.

Posted by "The Maple Valley Specialist!" Colleen Fischesser Broker/Owner 425-432-5400 on 09/24/2009 09:32 PM

Comments (7)

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7 Comments on Maple Valley Short Sale Myths

SEP

It is amazing how so many agents are misinformed about needing to be behind in payments to do a short sale. It is scary to think how many times agents have told consumers this.

I know of customers where banks did tell them they had to be behind before they could do a short sale so there's conflicting information out there. I think most people turn to a trusted Realtor for guidance. These are unchartered waters for many of us so it's a learning experience for all. Anytime someone can post information to help clairfy, such as this post, is really helpful to Realtors and Consumers alike.

Bill, misinformed is the right word for sure!

Donna, I like your comment about consumers turning to agents for advice and guidance in these situations. If an agent feels he or she is in uncharted waters, they owe it to the client and their career to get better educated.

SEP

Colleen, I'm convinced that our local Board needs to get a class on short sales included on the required continuing ed. We don't see many of them, and when they do come up the listing agents are generally clueless.