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.