Washington Short Sale Help or Scam?

If you’re looking for Washington Short Sale help, you’ve come to the right place.

Right now, homeowners in pre-foreclosure are being bombarded with all sorts of offers, from solicitation letters to buyers attempting to “flip” their home.  Yet most of the offers will promise the same thing: Promises of “saving you from foreclosure.”

Well, let me ask you this.  What if I told you that, in some cases, it is in the homeowners best interest to allow their property to go into foreclosure?  For example, consider the homeowner with one mortgage who cares very little about their credit, purchasing a home in the near future or perhaps they intend on filing for bankruptcy.  Did you know that a trustee sale in Washington automatically bars the foreclosing lender from pursuing a deficiency judgement against the homeowner?

For most cases, however, homeowners tend to have 2 or more mortgages on their property, or they do care about their credit and their ability to purchase a home in the near future.  In that case, it IS in the best interest of a homeowner in Washington to pursue a short sale.

When pursuing a short sale, you must understand the basics of short sale negotiation.  The key to facilitating a successful short sale is the following:

1.  A strong realtor who specifically knows how to sell short sale properties (they must have the ability to retain buyers for 3-6 months, which is very difficult to accomplish)

2.  A negotiator who has your best interest in mind and knows how to use bankruptcy, legal loopholes & general negotiations strategies as leverage to reduce if not eliminate your liability from the property.

3.  Having a post-short sale plan, IE. getting registered with credit repair, continuing to negotiate your deficiency as much as possible, getting prepared for a 1099 c in the event of debt forgiveness, etc.

4.  Having a real buyer:  The buyer’s offer must be realistic and the buyer must remain in reality and not believe that they can move into the property within weeks of sending an offer.

Also, please make sure that you are not working with an “investor” type company.  Companies who are out there “investing” in Washington short sales usually prioritize their own profits before the interest of the homeowner.  You can identify these kinds of companies with the following:

1.  They are themselves attempting to “purchase your home in 10 days or less”

2.  They want to purchase your property based on the condition that they find another buyer to “wholesale” the property to

3.  They are promising to delete your mortgage, use forensic loan audits to incite a court case, or anything related to suing the lender on your behalf

For these companies, it’s more about “profit spread” then anything else, and I highly recommend working with other companies who are 3rd party and generally do not have an interest in your property (as that will almost always encourage alterior motives). 

Also, make sure you are not paying out of pocket for short sale services.  The best short sale companies out there are experienced enough to get paid either by the bank or buyer, so if you are thinking of working with a company that is charging YOU as the HOMEOWNER a fee, don’t.

In order to get in touch with a 3rd party Washington Short Sale expert that I personally recommend, simply click here



Written by SSB

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