Are short sales good for
buyers?
They can be. It all depends on the amount of loss the bank is willing to accept to close the sale.
Do all companies do short sales?
NO. Most real estate agents are independent contractors, therefore the "companies" do not dictate the areas of expertise each agent chooses to specialize.
Are all
agents experienced in short sales?
NO. It's very important to hire a company and an agent with a proven track record.
Is there an additional fee for short sales?
Some companies charge fees and additional percentages to facilitate a short sale. WE DO NOT!
How long does it take to close a short sale?
There are no set time frames. Generally it takes twice as long or more than a normal real estate transaction.
How do I know if I'm being ripped off?
Avoid "Mortgage Rescue Scams".
What about taxes when doing a short sale in Washington State?
Recent changes to the State Department of Revenue REET (real estate excise tax) policy, allows for short sale sellers to apply for a refund of excise taxes paid on forgiven debt. Follow the link for the application. Link.