Another Common Myth About Bellevue Short Sales: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale

By
Real Estate Agent with Homes Northwest

Bellevue WA – This is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it’s not true.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place.

1. The homeowner owes more on their home than it is worth.

2. The homeowner has a verifiable hardship that will force them to miss their payments in the near future.

In these cases, the lenders know it is better to liquidate the home as quickly as possible. A faster sale will reduce their losses on interest and property taxes.

In addition, an owner occupied home usually sells for much more than a vacant home. Sure, the lenders don’t like short sales. Click here to continue reading.

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Topic:
Real Estate Market Trends
Location:
Washington King County Bellevue
Groups:
Short Sales Specialists
REO's & Short Sales
Short Sale
Tags:
avoid foreclosure
negotiations
hardship
bellevue short sale
paul nelson
bellevue short sale specialist
short sale process
approved short sale

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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Paul - Thank you for the very good information about another common myth about Bellevue short sales, "You have to be behind on payments before your lender will approve a short sale."

May 06, 2013 09:34 AM #1
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Paul Nelson

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