Seattle Area MLS introduces Short Sale Rules

seattle real estateIntroducing Form 22SS:  The MLS's short sale addendum for Washington state (Hallelujah!).

It isn't perfect, but it is going to help clarify a lot of the process and steps that have been unclear in the past. First of all the from states that the property is a short sale and that the lien holder has to approve the offer. The form then gives the seller so many days (default is 30 days) to get that approval. Mutual acceptance is explained as when the lien holder approval is delivered.

22SS Gives the buyer the option of checking a box to either say that the seller can accept other offers for lien holder approval while they wait for their answer or not. My advise on that to buyers is check the box that allows your deal to be the only deal in town. Of course, my advise for a seller is usually the opposite depending on the situation.

 Lastly, the new from gives the buyer the right to back out of the deal at any time prior to lien holder approval.

Read more info on the MLS short sale changes.

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County.  Seattle Real Estate and Seattle Suburbs!  Cooper Jacobs Real Estate Services:   Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

 If you are thinking of relocating to Seattle, I am an expert at Seattle Relocation services and can help you find the perfect home while making sure it is a solid financial investment! 

 

3 Comments on Seattle Area MLS introduces Short Sale Rules

Lucky, Lucky, Lucky You!!  We need that too!

04/09/2008 02:51 PM by Lynn Franklin (Coldwell Banker Ponderosa)


Courtney- I am really happy that they have put the new form in place. I hope that it will make it easier for all parties to complete a short sale. (Not that there are many in our area) ...."right"

Best,

Scott 

04/09/2008 04:35 PM by Scott Cowan -Tacoma & Pierce County Area (Rainier Real Estate, Inc.)


Sign of the times.

PS - I love the ferry shot.  I am trying to figure out how to get a photo up there.  Having some dificulty.  I'll figure it out.

 

04/09/2008 06:45 PM by Rob Graham (Windermere Real Estate)


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Real Estate Agent: Courtney Cooper, Owner/Broker, Realtor- Seattle WA & Seattle Suburbs Real Estate (Cooper Jacobs Real Estate Services )
Courtney Cooper, Owner/Broker, Realtor- Seattle WA & Seattle Suburbs Real Estate
Seattle, WA
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