“We’ve been hit hard”…

The Maple Valley market has been hit hard by the economic downturn and decline in housing values.  Homes in our area, which appreciated at an extremely steep rate in 2005 & 2006 (driven in large part by speculative new construction) were largely purchased with 100% financing and now those owner are unable to sell due to the decline in values.

So what do you do if you want (or have) to sell but owe more than your home is worth?

You sell as a Short sale.

The term “Short Sale” is used to refer to sales where the home owner owes more on the property than a sale at current market value would net. In order to complete the sale, the lender must be willing to accept less at closing than what is owed. Many owners don’t understand the short sale process or even know it’s an alternative to foreclosure. Even if you owe more on your home than you could sell it for, it’s still possible to sell. Lenders would much rather work with you on a short sale than foreclose on your property and then have to sell it at an even lower price.

Example: Mr Smith owes $200,000 to Best Bank. His home is only worth 185,000 and after listing his home he settles with a buyer at a purchase price of .$180,000. From that purchase price selling fees are deducted (Title, Escrow, Recording, Realtor Fees, pro-rated property taxes and interest-etc) and the bottom line on the ledger sheet would be the amount the lender must be willing to accept in order to release the lien and allow the seller to complete the closing.

What Do We Do?

We are not Attorneys or Lenders, so we cannot give you legal or financial advice. What we can do however, is help you gather as much information as possible in order to make the best decision for you and your family given your particular circumstances.

Just a few of the questions we can answer:

• What’s your home’ value right now?
• What are your chances that your short sale request will be granted?
• How long can I stay in my home?
• Will I qualify for a short sale with the lender?

There are many short sale myths out there. Before you make any decisions, make sure you are informed about your options!

PLEASE BE CAREFUL about anyone wanting to help you with a Loan modification or Short Sale  and asking for money up front.

We get paid nothing if your short sale in not approved!

If you decide the  Short Sale route is your best option, we are prepared to help you have a successful experience. Many short sales are never negotiated successfully because the agents involved are not familiar with the nuances of the Hardship package and negotiating with Lien holders.

We handle all of that for you and have in depth Short Sale training and combined industry experience in Lending, Real Estate Brokerage & Escrow.

As a Broker/Owner with nearly two decades of experience with a very strong focus on the Maple Valley market, Colleen Fischesser is also a Certified Distressed Property Expert and uniquely qualified to help advise home owners and market short sale listing. Joanna Tift works along side Colleen to process the short sale package, work directly with lenders, lien holders and escrow to navigate the turbulent short sale waters.  With her experience in loan processing, escrow, title and real estate sales, Joanna has the knowledge and experience to help lenders make informed, common-sense decisions.

We’re here to help!

If you would like to talk further with us about whether a short sale is right for you and your situation, call us: 425.432.5400 or send us an email. We are definitely NOT high pressure “slick willy” types.

We value our clients and our reputations!