“Short sales” continue to grow in number and now — with REOs — represent a substantial portion of the real estate market. When seeking a short sale, the owner will invariably be asked by the lender to submit a “hardship letter.” Owners should make the hardship letter as compelling as possible, while — needless to say — remaining honest and accurate. (more…)
April 27th, 2011 by WaLaw Realty
April 20th, 2011 by WaLaw Realty
This post is neither legal nor tax advice. Moreover, this post is focused on Washington State, and the laws of each state differ. For actual legal or tax advice, you need to consult an attorney or tax professional about your specific situation. Rely on a blog for legal or tax advice at your peril.
Short Sale vs. Foreclosure: What’s the difference and is one better than the other? Many, many people now own property that is worth less than the amount owed on it. Moreover, many people purchased the proverbial “starter home” within the last five years, and they’re ready to move on to their next home (commonly kids are on the way). Under these circumstances, an owner can either sell the home and then write a check at closing for the balance owed — OUCH! — or get rid of the home with, hopefully, cancellation of the balance of the debt. (more…)
March 18th, 2011 by WaLaw Realty
The term “short sale” is getting a lot of use these days, in Washington State and around the nation. Many people know that short sales offer the opportunity to get a good price on real estate. But what, exactly, is a “short sale”?
A short sale is the sale of a home for a price less than what the owner owes on the mortgage, AND the lender agrees to a “short” payoff in exchange for release of the bank’s lien on the property — hence the term. But that definition requires a little more explanation, because some readers might be thinking, “Release the lien? What does THAT mean?” (more…)