The threat of a Foreclosure keeping you up at night? Feel as if there are no options left but to walk away from your family’s home? Job loss, medical bills piling up, and/or other family emergencies making it difficult to stay current with your monthly mortgage? You may be feeling fearful or frozen by financial trauma and value loss, anticipate being treated poorly, and often just want out of the situation. If so then rest assured you’re not alone and there is help available.
National Market: No-so-good-News
- 70% of all foreclosures where never listed for sale and/or never talked to a real estate broker.
- 6.9 million properties are still more than 30 days late, or in foreclosure.
- 4.4 Million of those are more than 60 days late.
- Only 1 in 4 Home Affordable Modifications Program (HAMP) loan modifications even make it to trial stage – less than 10% succeed.
- Less than 5% that are 60 days late actually stay in their home.
Don’t become a statistic, explore your options and understand there is a solution. Mickie and I would love to sit down with you and explain the choices you have and how we can help. Feel free to contact us via email, by phone, or use the form below as we’ll do our best to answer all of your questions.
What is a Short Sale?
The definition of a short sale: a property that is listed for sale for less than the mortgaged amount against the property. Example: seller owes $200,000 and is trying to sell the property for $150,000. The short sale property doesn’t have to be a in a distressed situation (meaning the sellers are behind in their payments) and/or in a neglected state to qualify as a short sale.
Typically there is some sort of hardship with the sellers, loss or lack of employment and/or medical emergencies, that requires the sell of the home.
Additional Short Sale Resources
How do I know if my home is a Short Sale?
There are two specific items to look at when determining if your home is a short sale. 1) How much money is still owed on the property note and 2) Compare the amount owed to what the value of the property is in today’s real estate market.
There a few ways to learn the value of your home. 1) Order an appraisal of the property which cost approximately $300 – $500. 2) Order a Broker’s Pricing Opinion (BPO) on the property which costs approxiamtely $50 – $80 or 3) Order a Comparative Market Analysis (CMA) which costs a seller nothing. CMA’s are a real estate broker’s system in determining what a home is worth and what it will sell for in any given real estate market, whether it is up or down. A CMA is also what we provide everyone of our clients before they decide whether to hire us to represent them in the sell of their property.
Seven Critical Seller Documents in a Short Sale
- Homeowner’s Authorization Letter (allows an broker to talk to the seller’s lienholder)
- Hardship Letter (demonstrates the reason why the homeowner needs to sell)
- Short Sale Disclosure
- Initial Estimated HUD-1 (Outlines all the fees associated with a short sale)
- Purchase and Sale Offer which includes a buyer’s pre-approval letter
- Financial Statement(s)
- Comparative Market Analysis
Fill Out the Form Below and We’ll Contact You Immediately
Related Pages: Snohomish County Bank Owned Home Search