Bellevue Short Sale Realtor

Washington Short Sale Specialist

People today in the United States are unfortunately suffering because of financial distress. With unemployment rates and poor mortgages constantly increasing in Washington, the real estate market in Washington looks depressing. What’s heartbreaking to me is that over one out of every three home owners’ debt majorly overrides the worth of their home. Also, many Washington homeowners believe they have an obligation to bring money that they do not have to closing if they were to sell their property. Some states show that one/fifth of the homeowners today turns up as delinquent when paying their mortgages. If you are currently dealing with this issue, do not get the impression that you are secluded from all other homeowners. I have many years of experience as a Washington short sale specialist and I would gladly inform you of all the options that we have available and offer you no cost assistance; which has helped many homeowners escape the tragedy of foreclosure. You can save your credit with my help as well as dodge foreclosure and be off to a new start.

What exactly is a Washington “short sale” in Real Estate?

The term Washington short sale describes a transaction that happens when a lender comes to agreement in accepting a shorter pay off amount on a loan rather than what is owed to their property. In a short sale transaction, the borrower will be indebted more on their loans and liens versus their property’s worth at its current market value. Also, a lender will only agree to a short sale generally when the borrower can provide valid evidence that they are in some type of hardship.

How do I qualify for a Washington short sale?

In today’s world, fortunately, lenders have become a little more lenient towards homeowners in recent times. Because of that, there are usually three qualifications required for a Washington short sale.

1. Financial hardship. Such hardships that qualify are: loss of employment or income, divorce or separation, relocation or job transfer, property in need of repairs without resources to make repairs, major sickness and medical expenses, death of a family member, vacant rental properties, etc.

2. The proceeds of the sale of the property, after all closing costs are paid, are less than the amount currently owed on the home.

3. Financial Insolvency (no other major assets).

What are the benefits to doing a Washington short sale?

Thankfully, your credit will usually recover within two years after you do a short sale in Washington, which gives you enough time to pay off old debt and establish your credit once again and qualify for loans. Simple as this, your credit history will read as “settled in full” or “paid as negotiated”, however, it will not display itself as “short sale”. A short sale is not an actual item on your credit so typically it does not affect any future employment where as a foreclosure keeps its title while potentially turning away employers, or even sacrificing your current job title.

If a Washington foreclosure is an apparent possibility on a homeowner’s record, it is to your advantage that you do research on short sale Realtors in Washington before a decision is reached. In the event of choosing a short sale, a Washington short sale specialist is the solution to your troubles. A qualified and highly trained short sale Realtor has the skills necessary to walk you through the steps of the short sale process while being responsible for all negotiations on your behalf.

Can my current Washington short sale Realtor® help me?

SITEAREA Short Sale Helper This question is very important. Short sales were specifically created to be cared for by experienced short sale Realtors® who have accomplished many short sales under their belt and can show the evidence to their claims. There are short sale Realtors® who think of themselves highly being in the short sale process, but be wise and check the so called proofs to those claims. Starting a short sale only to see it rejected would be heartbreaking. Don’t allow an incompetent Realtor who claims of being able to bring you to a successful completion of your short sale fool you. Once you seek out a short sale specialist in Washington, make sure you have a list of questions you would like them to answer and be sure you are at complete ease with their help. Remember, proper training is important for the short sale process in Washington; however, I do believe there is no substitute for experience. A weekend training course does not make somebody an expert in short sales. I am a Washington short sale specialist and can offer you no cost assistance to guide you in the short sale process.

Cyndi is a Real Estate agent at John L Scott 24332, covering the greater Washington area.
Phone: 206-686-1818
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I am helping Washington home owners avoid foreclosure with a short sale. My name is Cyndi Carver and I specialize in short sales in Washington. I am your Washington Short Sale Specialist Realtor and Washington loan modification and distressed property expert. Contact me for free assistance and further information on the Washington short sale process. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.

Washington Short Sale VS Loan Modification

There is no question that many distressed homeowners are contemplating on the options of short sale vs. loan modification. For some, the big problem is that they are not aware if their property will qualify for a Washington short sale or mortgage modification. The main issue is that some homeowners fail to get the services of short sale specialists who can give them proper information to make an educated decision. No doubt that the choice of Washington short sale vs. loan modification can have different consequences depending on how you want to deal with your current financial condition. However, it is important to note that there are some distinct advantages presented by short sale as compared to loan modification in various financial aspects. Let us examine the various effects of both transactions on your financial condition.

1. Difference of the transactions.

One of the best ways to distinguish which is best for your condition, it is important to see the difference between them. In general, the short sale transaction happens when the homeowner owes more than what the property is worth in the current real estate market. This type of transaction requires the services of a local Washington real estate agent or short sale specialist to negotiate with the lender and carefully assess offers from legitimate buyers. It also allows the homeowner to settle financial obligations for relatively less of what they owe. Mortgage modification on the other hand is almost like refinancing, but it is not considered as a new loan. Basically, what the homeowner is asking is that the lender modify the terms of the existing mortgage by changing the interest rate to something lower, reducing monthly payments, or extending the payment terms among others. Unlike refinancing, loan modification will not be based on current credit score. Compared to short sale, the amount owed will not be paid off with the property.

2. Credit report implications.

There is no doubt that both short sale and loan modification transactions will have substantial impact on the credit report of the borrower. The Washington short sale transaction will specifically indicate that the financial obligation has been paid in full based on the agreement with the lender but not based on the original terms. Loan modification on the other hand will explicitly state that the loan has been modified based on the request of the buyer and not as originally agreed upon. Moreover, the short sale will be reflected as a settlement of all major delinquencies. In some instances this is more favorable for the homeowner depending on his current needs and financial situation. Based on credit report implications of short sale vs. loan modification, short sale transactions would appear to be more favorable.

3. Documentation requirements.

It should be understood that both short sale and loan modification transactions in Washington are viable ways to avoid Washington foreclosures. The main difference is that the short sale will allow you to walk away from your home and basically owe nothing to the lender. With loan modification, you keep your home, but have to contend with monthly fees and interest rates. In terms of approval time, both can take substantial time to get approved or rejected, which can be considerably frustrating. With regards to documentation requirements of short sale vs. loan modification, they basically have the same. The borrower has to produce a hardship letter to explain the reason for the transaction request. The last two paycheck stubs will be required for income verification along with the previous two years of tax returns. The 1099 or W2 forms will also be required by the lender as well as the financial statement of the borrower. The main difference is that the short sale transaction will receive a documentation of an offer to purchase from interested parties.

4. Saving your home.

Many homeowners forget that saving your home does not necessarily mean keeping it for yourself. It can also mean avoiding foreclosure and having the bank take it away from them leaving them with nothing but more debt. A short sale transaction therefore should be initiated before foreclosure proceedings are started. It should be requested from the current lender or a new qualified FHA lender. Normally 120 days or less is needed for the completion of the process. With loan modification, it is extremely important to note that there will be no reduction on the principal amount owed. This means that your debt can substantially grow despite keeping your home. The amortization is likewise normally redone along with a lower interest rate in most cases. Depending on the negotiations, the interest rate can be fixed for a particular period. Since loan modifications are ideal when borrowers are behind payments, they are seen mostly as temporary solutions to update on payments. However, the current and immediate financial future of the borrower should be closely scrutinized.

5. Make a decision.

For homeowners, it is important to realize that they have to decide on short sale vs. loan modification. This is because banks normally do not open two files simultaneously. This means that they have to file either for a short sale transaction or a loan modification. Only one of these options can be seriously pursued and should be supported by a competent local real estate agent or company. In making the decision, the homeowner has to choose on settling the outstanding debt or attempting to get updated on payments. Since for majority of homeowners the root problem is that they no longer have the financial capacity to continue with monthly payments regardless of how low the interest rate, short sales become the best option for them. In this case, the services of short sale specialists with a solid background on closings should be sought out.

SITEAREA Short Sale Realtor Undoubtedly, many homeowners would opt for a new start than gamble on the possibility of waiting for their financial condition to improve. Getting out from underwater can be challenging if not immediately addressed. When it comes to short sale vs. loan modification, if the value of the property is significantly lower than what is owed, then a short sale might be the best option. Contact a Washington short sale specialist and acquire more information about a short sale versus a loan modification and which option best fits your hardship!