Resources and Information

Understanding Short Sale

The definition of a short sale is when a Pacific NW property is being sold for less than it is worth. The lender must agree to the short sale transaction and a defined process must be followed.

1. To be eligible for a short sale, the homeowner must be in a distressed state. This means they are behind in mortgage payments and the property is teetering on foreclosure.
2. A prescribed set of documents must be completed to prove the Pacific NW homeowner cannot continue his or her mortgage payments. A "short sale hardship letter" explaining the cause of the financial distress is usually required as well.
3. The Pacific NW homeowner will be required to exert effort to effectively market the property at its full market value with a detailed report of the sales activity.
4. If the lender approves a short sale, a buyer is found and a set price is agreed upon, the sales process would then continue as a normal Pacific NW real estate transaction.

A knowledgeable Pacific NW Realtor is a Must!

Much of the time the lender will pay almost all of the seller’s required fees and commissions. The homeowner may walk away owing nothing, but they cannot walk away with any proceeds from the sale. The entire process can take between 3-12 months and the assistance of a knowledgeable Pacific NW area real estate expert is a must.

The Pacific NW Short Sale Process

When a Pacific NW homeowner begins working with me, Susan Stecher, I will help guide you to start your short sale.

The Short Sale Prep

• As your Pacific NW REALTOR, I will visit the property for an initial consultation to answer any questions on any of the documents involved in the short sale process.
• A virtual tour and  photos will be taken to be used to market your Pacific NW property.
• A review of the damages and repairs of the property be prepared in order to state any and all issues with the property which will be used in negotiations with the lender.

Your Pacific NW Short Sale Marketing Plan

• Your Pacific NW home will be listed for sale in the MLS.
• Your short sale marketing strategy will be implemented utilizing many powerful, high-traffic real estate websites
• A consistent line of communication will begin between you the homeowner, your lender and me, your Pacific NW real estate professional.
• Your Pacific NW property will be shown as much as possible and the asking price will be lowered at distinct time intervals until a viable offer is received from a qualified buyer.
• Offers are received and presented to you the homeowner for review and signature and then are submitted to the lender.

Lender Negotiations Under a Short Sale

• If the offer is accepted , it will be signed and a contract begins.
• The lender needs current copies of bank statements and paycheck stubs.
• Any additional documentation is completed and returned in a quick manner.
• The real estate professionals will submit the Short Sale package and all required documentation to the lender.

The Pacific NW Short Sale Purchase Offer Process

The lender will either accept or reject the accept. If the offer is accepted, the Pacific NW home buyer will be informed that the closing can begin. The closing will be scheduled with a title company and the buyer can make any final property inspections. The Pacific NW homeowner must vacate the property and leave it in a "broom swept and completely empty condition", unless otherwise specified. The home buyer and homeowner will both meet at the title company to sign final paperwork and turn over all keys and remotes for the transfer of possession. The title is also transferred and new owner takes over the property and the lender issues a mortgage satisfaction and the document is recorded in public records. If the offer is not accepted, the lender may make a counter offer and if it is accepted by buyer, the process with continue on. If buyer does not accept and no amount can be agreed upon, then the property goes back on the market to await a suitable buyer.

Understanding the Role of Your Pacific NW REALTOR in a Short Sale

As your Pacific NW REALTOR, I, Susan Stecher will provide you with current and accurate information on short sales and foreclosure information. Please be advised, I am not an attorney nor am I an accountant. I recommend you consult with your attorney or CPA for further information and how this information may affect you and your family.

Direct: (360) 319-4939
Email Susan

Susan Stecher

Broker, CFP, CRS, CDPE, RFC, SRES, CHLMS, Realtor® Direct: (360) 319-4939
Phone: (888) 319-4939
Susan@RealEstatePacificNorthwest.com

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