What is a short sale?
A home that is sold for less than what’s owed on the mortgage. This concept can also apply to under-construction homes and the amount owed on a construction loan. Of course, such sales are always subject to bank approval.
Why do banks agree to accept less than they’re owed by loan holders?
Sometimes, banks would prefer to cut their losses and avoid foreclosure, which is a costly and months-long process. Plus, banks are in the business of lending money, not collecting and selling homes.
What kind of homes are good candidates for a short sale and who qualifies?
Short-sale homes come in all shapes and sizes. You must have a hardship to be able to do a short sale, which might mean relocation because of employment, divorce, medical reasons, etc.
Be sure and do your homework when it comes to hiring an agent to do a short sale and find out if he/she is experienced and gets these sales closed. The best agents are Certified Distressed Property Experts (CDPE). These agents keep up on the latest requirements and are experienced in talking with the lenders in behalf of the property owner.
Sandy Wagner
RE/MAX Professionals
http://hosted.cdpe.com/sandywagnerhomes/
Short Sales in Tacoma, Washington...
If you or someone you know is facing the possibility of foreclosure in Tacoma, Washington, Pierce County you need to understand that you are not alone.
Today, 1 out of every 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.
Through my experience handling distressed properties in Tacoma, WA, I've found that homeowners today have more questions than answers about their circumstances. I have created a site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.
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