Short Sales in Seattle neighborhoods & Seattle suburbs....................................

I have a lot of response from my Short sale post on the new NWMLS rules regarding Seattle are real estate short sales.  Short sales in general are so different form a normal sale - I am glad the MLS is attempting to address the differences.  I am unsure as to how much the new rules will help because they are still pretty vague.  The listing agent is instructed that they must disclose that the property is a short sale.  That seems fairly obvious to me, but where do they disclose it according to the rules? Agent only section or public remarks?  I think the public has a right to know, but sellers also have a right to privacy...

What does the bank need to do in order to approve of your short sale contract? aka..what is really taking that long?

There are many more steps to approving a short sale contract than just signing at the dotted line.  The financial institution must order broker price opinions BPO) from at least two local Seattle area Realtors.  They also need an appraisal to see if the offer is anywhere close to at value.  Sometimes there are investors involved who also slow up the process. 

Why should you wait?

You can sometimes get an incredible price on a distressed property.  Put in your strongest offer and stay in contact with your agent.  Hang tight and wait.  Patience can pay in this situation - stay in contact with your agent, but don't get angry if they don't know anything for weeks.  This is unfortunately very common.

Bottom Line?

The bottom line with short sales is to know that it is going to take a long time and there are no guarantees.  The bank has a vested interest in dragging it out for as long as possible in an effort to get a higher offer. That is the bottom line - expect to be given the run around unfortunately until you get close to the actual auction date.  My personal opinion on this is that they should thank their lucky stars for a qualified buyer who is willing to take on their distressed (in most cases) property, but the general approach is the opposite.

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!

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