Bellingham Neighborhoods: Is A Short Sale Right for You?

Is A Short Sale Right for You?

 

Is a Short Sale Right for You?

As a homeowner is a Short Sale right for you? For a homeowner, one of the biggest fears is to go into foreclosure. Foreclosure means losing the house that you love, the place that you call home. But certain circumstances in your life may have you deciding that this is the best route for you to take.   At best, we all hope that it will never happen to us but as they say c’est la vie (such is life).

If you find yourself in this situation there is still a way out; a Short Sale. A short sale is the process of negotiating with your lender to accept less than the balance owed on your mortgage. Buyer’s, when dealing with a short sale, you are dealing with the Seller and the Lender.  All parties have to come to an agreement of terms.

Here are some good points of doing a Short Sale:
  1. Sellers salvage their credit  & most often walk away with a bit of money in their pocket.
  2. Lenders don’t have to foreclose on the property savign them time & money.
  3. Buyers get a below market deal.
  4. Neighborhoods are safer & retain more value.
If you're having a hardship in your life, like many are in today's real estate market, call a real estate professional to help you weigh your options. A short sale specialist is ideal...like myself (sorry for the plug, but it is what I do). I can offer the resources you need to make a sound decision. I offer no obligation consultations. As a real estate professional I see it as a responsibility to help you with any real estate need you might have, whether I profit from it or not. So please call me today to see what options are available to you. Short selling is only one of many. For more information, visit Bellingham Foreclosure Help.

Tara offers sound advice to buyers & sellers. If you have real estate related questions, call Tara to talk shop. She loves what she does & she'd be glad to help you!

Tara Camp ~ 360-296-2244


 

Comment balloon 5 commentsTara Camp • August 12 2010 01:16AM

Comments

A short sale is almost always your best bet in the bigger picture.

Posted by Ralph Gorgoglione, Hawaii and California Real Estate (800) 591-6121 (Maui Life Homes / Metro Life Homes) about 8 years ago

Hi Ralph, 

For most distressed homeowners this is true. There are things to consider depending on the circumstances of the owner.  Consultations & having a team of resources for distressed owners are imperative.  Thanks for the comment.  I see that you're HAFA certified.  That's great.

~Tara

Posted by Tara Camp (Keller Williams Western Realty) about 8 years ago

I am concerned about 1099c will a seller have any judgements placed on them for the deficency?  What about an investment property are the benefits the same?

Posted by Veronica Lawrence, Gold Shield "WE Defend your Interests" (Gold Shield Realty Group) about 8 years ago

It is true that the short sale is a good answer to the problem.  Loan modification would be a good answer if banks really did them.

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Elite Home Sales Team OC) about 8 years ago

Veronica~  Yes, the homeowner could very well be given a 1099c, but it'll much better than the 1099c they'll receive if they are foreclosed on.  If they qualify for the HAFA program, they'll be be exempt of both.  For investment properties, there are a different set of rules, with fewer options. 

 

Hello Elite Home Sales~  Yes, it's true that loan mods. are hard to come by, however, I have seen several homeowners that have been very persistent and received some very favorable modification terms.  Is is fair?  That's another topic of discussion.

Posted by Tara Camp (Keller Williams Western Realty) about 8 years ago

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