Spokane, WA Real Estate: Short Sales ........

Jeannette Karis "The Real Estate Broker with the English accent!"

Buying or selling a short sale property home in Spokane, WA? Put a SFRŽ, Short Sale & Foreclosure certified REALTORŽ to work for you.

What is a Short Sale? - it is the situation in which the seller (1) owes more money on the loan on the property (and any other liens on the property) than the sale of the property will likely produce in the current market and (2) is unwilling or unable to bring money to closing.

A short sale may be considered preferable to a foreclosure in some instances because short sales lessen the impact that a foreclosure can have on the surrounding community and won't damage the distrssed owners credit as much if the borrower is still current with other payments.

Options for Distressed HomesOwners ...

Refinance
Lender Workout - Loan Modification
Sell and bring cash to closing
Short Sale
Deed in Lieu of foreclosure
Foreclosure
Do nothing and walk away

SNAP is a great resource for distressed sellers.

Legal and tax advice should be sought before making a decision to determine which is the right choice for you. Brokers CANNOT GIVE legal advice.

Short sales allow a seller to avoid foreclosure and salvage their credit.

The Washington Dept of Licensing has made the following Short Sale Seller Advisory information available

The WA State Foreclosure Fairness Act is explained in 3 videos prepared by Washington REALTORs, the Dept of licensing and WA Attorney Generals office.

There may be another option to save you and your home from foreclosure. Short sales allow you to avoid foreclosure and salvage your credit .......

Do you qualify as a short sale seller? ...

Do you have valid hardship?
Is there time to accomplish a short sale?
Will you consult with attorney and or tax advisor?
How many loans and or liens against the property?
What is the condition of the property - do you have funds for repairs?
Will you coooperate with the paperwork required by lender?
Will you maintain property for showings

Do you qualify as a short sale buyer? ...

Do you have a property to sell before you can buy?
Do you have loan approval?
Is your offer price price the maximum you can borrow?
Do you understand that the lender will be making the final decision on price and terms?
Do you understand the time frame for the closing can be 6 or more months?
Know that you may only have days to close when a decision is finally made.
Remember this is NOT a normal transaction, repeat this is NOT a normal transaction

Contact me for a personal consultation about your situation.

If you have a question about short sales,

MY REAL ESTATE SERVICE AREAS - Spokane county and adjoining areas including: Airway Heights, Chatteroy, Cheney, Colbert, Elk, Five Mile, Greenacres, Liberty Lake, Mead, Medical Lake, Millwood, Newman Lake, Nine Mile Falls, north side, Otis Orchards, Shadle, South Hill, Spokane, Spokane Valley, Stevens county, Suncrest, Veradale, Mead, East Valley, Central Valley, West Valley, West Plains