Short Sales: an Alternative to Foreclosures

What is a SHORT SALE?

A Short Sale is simply the sale of your home for less than what you owe ( with lender approval).

In our current market it is sometimes referred to as a pre-foreclosure sale, but that is not always the case. The fact is that there are many many reasons why some homeowners need to sell their homes now. Sometimes a Short Sale is the best solution. If you need to sell your home but you owe more than what the market will bear, you need to do a Short Sale.

"A pre-foreclosure sale involves the sale of the property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage insurer".

Most lenders are willing to forgive a portion of the debt in order to avoid the foreclosure process. If the lender does agree to a Short Sale - the cost of the sale is paid for by the lender - property taxes, real estate commission, excise tax, seller's closing cost, HOA liens, and any other liens that affects title. Most lenders will pay all of some of the buyer's closing cost as well.

The seller receives no proceeds from the sale, however the debt is forgiven and the seller is released of the obligation on the loan. Please read this article for updates - A new twist to Short Sales.

The current real estate market in Vancouver, and most of Clark County is still on a downward trend as far as pricing goes.

Some homeowners purchased at the peak of the market and are now faced with the fact that they owe more on their home than it is worth in the current market. Many homeowners are in trouble because of adjustable rate mortgages - boosting their payments beyond the budget. Many are in trouble because of lost jobs.

If you need to do a Short Sale and want an experienced agent - call me!

Short Sale Updates

Foreclosure Rescue Scams

Distressed Property

Credit Concerns - Foreclosure or Short Sale?

Loan Modifications ~ Legal Workout Solutions

Mortgage Debt Relief Act

The Short Sale Process

I will gladly review the entire Short Sale process with you, no obligation, no fees!

Sandy Michaels, Realtor

(360) 601-3490

Clark County Real Estate