What Is A Short Sale?
A Short Sale is the sale of real property that produces less than the necessary proceeds to pay off the mortgage/s against the property. A Short Sale requires approval from the bank or underlying lien holder/s even after buyer and seller agree to price and terms.
Upon bank approval, and closing of the Short Sale transaction, debt is typically forgiven and the negative balance is reported as a settled debt.
Washington State is a "Single Action" State, restricting banks to either accepting a short sale transaction or foreclosure, they must do one or the other. That does not prevent a subordinate loan, the "second" mortgage, from seeking such claims after the first forecloses. Having an experienced short sale negotiator working for you will increase the success of obtaining complete settlement language.
For detailed information about preparing your home for a Short Sale, go to Short Sale Preparation.
Buyer's markets produce Short Sale opportunities for first time home buyers and seasoned home buying veterans. Today's market is prime for Bank Owned homes and Short Sale listings, both offering great value for buyers and relief for sellers.
In order to be better prepared when purchasing a Short Sale property go to Buying A Short Sale.
Whether you are a Short Sale seller or a Short Sale buyer, contact us today.