Short Sales: Is It Worth My Effort?

By
Real Estate Agent with Keller Williams Realty Tacoma

Seattle and Tacoma,WA –Hi! This is Nathan Olotoa with 59days2sold.com and www.seattleshortsalesagent.com and I specialize in short sales in the Tacoma and Seattle areas.

– We often get asked if a short sale is even worth the effort. “Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

When you are having a tough time financially, it may seem like you will never get back on your feet. But, most people do get back on their feet.

They find another job and start making money again. Their credit will usually be back to normal in 2-3 years.

Why not buy a new home at that time? If you short sale, then you will be eligible to do that. Fannie Mae will consider you for a new loan 2 years after a short sale.

You would have to meet all of their credit guidelines and other lending criteria. Most derogatory credit items such as late payments or collections won’t have as much of an impact when they are 2 years old.

In addition, there are many ways to get derogatory items removed from your credit. The other great option is an FHA loan. FHA allows you to buy a home with only 3.5% down.

Current FHA guidelines will loan to you 3 years after a short sale. Contrast that with the 5-7 year wait required if the home is foreclosed on by the lender.

That is the number one benefit of a short sale. You can get back on your feet and buy another home a lot faster than if the lender forecloses on your home. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at asknate@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 253-310-1177.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Nathan Olotoa.

Nathan is a Real Estate Broker at Keller Williams-Tacoma. Short Sales Realtor

Phone: 253-310-1177. asknate@kw.com.

Listed to Sold in 59 days or less

View Tacoma and Seattle homes for sale at 59days2sold.com. View my previous blog posts at www.seattleshortsalesagent.com.

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Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Nathan Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma.

This information on Short Sales: Why Should I Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Comments (2)

Shannon Coe
Keller Williams - Rocklin, CA
916-597-3818, Lincoln, Rocklin, Loomis, Roseville

Great blogg! I have three suppose to close today...I am not sure if it is worth it...ask me tomorrow!

Jan 31, 2011 04:01 AM
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

I think that the key is to educate the homeowner on all of their options.  They need to contact an attorney or an accountant to really determine their best option depending on where they are in the process with the lender.  Great information.

Jan 31, 2011 04:12 AM