Sellers in WA State Short Sale Tips: Begins with knowing what qualifies real property to be recognized by Lenders as a Short Sale. The Seller must be at least 30 days behind in their mortgage payments.
- Facing Foreclosure Action in WA State.
- Recognize the guideline may be different from Lender to Lender in WA State.
- Depending on the Lender in WA State that actually owns the loan.
- The Seller must show an hardship and inability to pay their mortgage payments in a timely manner on a continual bases.
- Hardship include but not limited to. Health or Medical issues, Loss of Employment, etc.
- The property must be underwater or upside down on what the Seller owes on the property.
- The market value must be less than what the sellers owe on their property in WA State.
Costs that are attributed to the Lender in WA State. After the legal action of Foreclosure. And the Lender is willing to accept less than what is actually owed on the property in WA State.
- Repair Costs
- Excise Tax
- Title Fees
- Property Tax
- Real Estate Broker
Seller Preparedness A B C's
- Hire an Real Estate Broker
- List property
- Get a Authorization for Release of Information from each Loan/Lender
- Get Loan Identification number for each Loan/Lender.
- Financials, Last 2 months pay stubs, Last 2 months bank statements,
- Hardship letter
For further detailed Information on Short Sale Tips and Th Short Sale Process: Contact: Sandra Taylor at www.GoLaVieserealty.com