Washington Real Estate Advice

arrange a short sale

How To Arrange A Short Sale

In many parts of the country and even in our own area, foreclosures have been on the rise. In the past year, nationwide, there's been nearly a 75 percent increase in the number of foreclosed homes - bringing the total number of foreclosures to over 2 million in 2007 alone. Lately, however, the phenomenon of short sales is bringing up questions about consumer credit, credit scores and how they will be affected.

What Is A Short Sale?

When the equity in the property will not cover the debt owed and the cost of selling it, a lender may agree to accept a lesser amount for the home than is owed. Usually, a lender will only consider taking less than what is owed if the home owner is in arrears on payments. Even then, not

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How to stop a foreclosure

In other sections of this website, we've outlined the steps involved in Washington foreclosures and how to arrange a short sale. Below are some things you can do to buy yourself some time in order to stop a foreclosure. But keep in mind that the only thing that will truly stop foreclosure proceedings is repayment of the debt. Everything else is delay of the proceedings.

If you are behind in your mortgage payments and are having trouble making your next monthly payment, you need to act now. What you do can prevent you from losing your home through foreclosure. If you are in serious financial trouble, you need to seek professional help to best protect yourself.

1. Communicate with your lender

The first thing you need to do is to communicate

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Washington Home Foreclosures

A non-judicial foreclosure is basically a series of notices given to a borrower and all parties with an interest in a property. These notices are delivered by a trustee and are followed by a public auction, known as a trustee’s sale. The trustee is appointed by the lender and is used instead of a court hearing and a judge ordering a sheriff’s sale. At the auction, the highest bidder is entitled to a trustee’s deed to the property and to possession of the property 20 days after the sale.

What's the Foreclosure Process in Washington State?

The entire process will take a minimum of 120 days but often takes longer due to delays and because some steps must happen on particular days of the week (auctions are often on Fridays only). Typically the

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Alternatives to losing your home in a foreclosure

Foreclosure Alternatives in Washington State

In Washington State, there are options available to you that could help you avoid going into foreclosure or losing your house. Talk to your lender first. Find out how willing they are to work with you and what options they have that could help you.

  1. Adjusted repayment plan
    If you are having a temporary short-term financial setback, your lender may allow you to pay off your past due amounts in installments over several months.
  2. Modify your existing loan
    Remember, your lender really does not want your house back. In most cases, they would rather work with you to avoid having to foreclose. They can, at times, adjust the terms of your loan. They may be able to lower your interest rate, lengthen the
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The truth about short sales in real estate

 

The truth is, there are great deals to be had when you buy a home on a short sale. The number one key to success in purchasing a short sale home or property is patience. The average short sale transaction will take between 60 and 120 days to close.

What is a short sale?

By definition, a short sale is a home that is purchased for a price that will not produce sufficient funds to satisfy the liens that are currently on the property. These liens could include any combination of first, second and third mortgages, judgments, construction liens and even tax liens.

What is the process for a short sale?

When it is identified by the homeowner and their real estate agent that the home will be a short sale, it is necessary to make that

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