Short Sale FAQ

What is a short sale?

A short sale takes place when the proceeds of a real estate sale fall short of the amount owed on the property. A short sale typically is executed to prevent a home foreclosure. Often a bank will allow a short sale if they believe it will result in a smaller financial loss than foreclosing. For a home owner, the advantages include avoidance of having a foreclosure on their credit history. In summary a short sale is the process of negotiating with lien holders a payoff for less than what they are owed, while successfully transferring title to a property.

How does a short sale help me?

A short sale helps you by relieving your stress and eliminating the consequences of a foreclosure. A short sale helps prevent additional damage to your credit. Some late payments may have already done damage to your credit, however a foreclosure will do substantially more damage and lower your credit score.

Are short sales guaranteed to work?

No. Even though short sales are commonplace today, the banks still have to approve the sale. The bank must be convinced to discount the mortgage enough to make it worthwhile for them to release the liens on the property. Typically you can continue to own and live in the house if you choose unless other legal obligation prevent you otherwise. If the lender does not approve the short sale, we have no rights at all to your property and no transaction occurs. We will continue to market your property and help you get the bank a better deal.

How do I qualify for a short sale?

Unfortunately we cannot predict whether a bank will approve a short sale on your home until they have an offer and closing date in their hands. However we can tell you if you are a strong candidate fore one. Typically the best first step is to contact your bank and let them know your situation. They may also have other options available which will even allow you to keep your home. They can also tell you if you are a short sale candidate.

How much do your short sale services cost?

Our short sale services cost you nothing. We get paid from the banks net proceeds at closing. If we don't sell your home, we don't get paid, and you owe us nothing. We are a team of Washington licensed real estate agents who are paid on the commission of the sale of the property. This gives us greater incentive to get your home sold than many other short sale companies which charge you fees upfront. Note: If you are not in a short sale situation, but we are still helping you avoid foreclosure by selling your home, our agreed real estate fees are paid from your net proceeds at closing.

How do I get started?

Great! So now you understand the benefits of a short sale and want to get started. The next step is to contact us today! We look forward to assisting you!