Distressed Owners
More homeowners across the Country are in financial distress today than at any other time in the history of residential real estate. The Puget Sound area, and especially South King County is no exception. As many as 60% of pending sales today are comprised of Short Sales (where the Lender must approve the sale because the loan will not be paid in full) or REO properties (acquired by Banks through foreclosure).
According to the Distressed Property Institute, 7 out of 10 properties go into Foreclosure without any visible intervention….meaning without ever trying to sell the property.
Additionally, national statistics show that home values in a neighborhood drop, on average, approximately 9% when a foreclosure occurs in that neighborhood.
I’ve witnessed this happen right here in Maple Valley many times within the last few months.
Distressed homeowners have options!
- Under the new Help For Homeowners plan there is the ability for some owners to refinance, up to 105% of the value of the home at today’s lower rates.
- Under the new Help for Homeowners plan, some owners will qualify for modification of their existing loans
- Selling the property prior to a Trustee’s Sale is becoming a much more viable option for owners, even if Foreclosure is imminent. The impact to an owners credit can be minimized by bringing a buyer to the bank prior to foreclosure. The banks do not want to be property owners. Even if there is little or no equity in the home, we can work with Lenders to negotiate a short sale.
The first step is to call us 425-432-5400
My team and I have the knowledge, experience and resources to help you get all the information you need in order to make an educated, informed decision. Homeowner’s facing uncertain times are under a great deal of stress, and we understand that! We can help you get the help you need for Refinance, Loan Modification or Short Sales and hopefully be able to alleviate some of the confusion throughout the process.
We charge nothing to help you get the information you need for Refinancing or Loan Modifications!
Our goal is to keep you in your home if at all possible! Yes, we’re in the business of selling real estate, but let’s face it….these are unprecedented times we’re experiencing. In order to help our local market stabilize and recover, we have to help owners stay in their homes, or at a minimum sell short and avoid foreclosure.
The more people who can refinance or get a loan modification, the less short sales, the less foreclosures, the less inventory……prices begin to stabilize and buyers regain confidence in investing.
If you know someone facing foreclosure, behind in payments or unsure where to turn, please have them call or email me for a 100% confidential consultation. 425.432.5400
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