Short sale help in Seattle, WA
A home short sale is an excellent option for homeowners who are facing hardship and have been unable to keep up with mortgage payments, essentially owing their lender more on their home than what the home is worth.
In the short sale process, the home lender agrees to sell the home at current market value while accepting a lower payment for the sale to settle debts.
Although a great option for homeowners facing hardship, the negotiation of a short sale can be a very complicated and time-consuming process. This is why it is so important to have a knowledgeable and trustworthy Short Sale Realtor on your side to act as a go-between you and the bank, helping you to negotiate the short sale of your home successfully.
Short sale real estate agent
A short sale real estate agents assists homeowners in preparing a comprehensive package to submit to the short sale bank, the original lender. This short sale package is tailored to persuade the bank to allow the Realtor to proceed with a short sale.
What is a short sale package?
A Short sale package includes a letter of authorization, allowing your Realtor to speak and negotiate with the bank on your behalf, financial statements, letters of hardship, tax returns, and various other documentation of your financial situation.
Do you qualify for a short sale?
Here are some questions to ask yourself:
Are you unable to sell your home for a large enough sum that it will help pay off what you currently owe on the existing mortgage(s)?
Do you have a hardship or difficulty that currently or soon will prevent you from being able to pay your mortgage or otherwise stay in your home?
Examples of hardship include Unemployment or severe reduction in income, divorce, bankruptcy, medical emergency, essential home repairs needed that you can’t afford, transferring to a job out of town, or the death of a co-homeowner.
Essentially, you need a valid reason to demonstrate to the bank that you cannot keep the house. Keep in mind, however, that you are not required to attempt a loan modification before attempting a short sale.
What do you need for a short sale?
Two months of pay stubs
Two months of bank statements
Two years of tax returns
A personal financial statement (list of what you own, what you owe, your income and expenses)
A letter addressed to the bank describing you hardship
If you are or have faced hardship and are unable to sell your home for a large enough price that it will help pay off what you currently owe on the existing mortgage(s), you should consider selling your home in a short sale.
Does this sound like an option for you? If your property is in the Puget Sound Region (Seattle | Bellevue | Kirkland | Everett | Tacoma), contact us here >