Short sales are probably the best way to buy a home and save a lot of money. In fact, there’s no doubt about that… but when adding the extra closing time, sometimes they’re not always worth it. Take your time in researching the listings for yourself to find the savings on a short sale home in Washington will be worth your time investment.
With short sale, the rest of the homeowner’s debt is forgiven. Rather than suffer the lengthy and expensive foreclosure process, a homeowner agrees to a short sale though the sale of your Washington Home, for instance is less than the owner owes on the mortgage.
Perhaps, foreclosure is not the only option. A short sale is a better alternative. The Home buyer will get the home in a bargain price. The Seller will get out of the mortgage liability and will definitely not face bankruptcy. The lender on the other hand though agreed to a loss from accepting fewer benefits will not be facing the protracted process of foreclosure.
Short sale is a better option than a foreclosure; however, waiting for the lender to agree on it can be a lengthy process. But if you’re on the way to short sale your Washington Home, Realtors advise that you seek help from a real estate agent short sale expert. Here’s what they say:
1. Make sure that your Lender agrees in writing to forgive all debts with the short sale.
2. Make sure how the short sale will be reported to your credit report. Take note that even if the short sale is marked as ‘settled for less than the full balance,’ this could still show a negative mark on your credit report.
3. Make certain that you are well-informed about the tax repercussions. So, if your Washington home was agreed to a short sale for $30,000 less, then a 1099 for $30,000 will be issued by your lender and you would have to pay taxes on.
Realtors say that short sale is a win-win situation. If you ever decide to buy another home, short sale has an advantage over foreclosure.