Vancouver WA Area Short Sale Homes
Short Sale homes and properties in the Vancouver WA area are always some of the quickest selling homes and properties on the market. A short sale is a sale of real estate in which results in selling of the property for less than what is owed on said property. If all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.
Banks want you to purchase short sale homes! Short sale homes are excellent opportunities to buying a home or property for less than it’s real worth!
The Short Sale Process
The Short Sale process in the Vancouver WA area is the same process as other areas and consists of the following.
1. Contact the Primary Lien holder and make application to be accepted into their Short sale Program. Lenders will not entertain any short sale contract with a buyer unless the home owner has first been approved for their program.
2. The Lender should verify that any government programs, such as Home Affordable Foreclosure Alternatives (HAFA) eligibility, are explored, including relocation assistance to the borrower.
3. Once approved the Lender should provide the terms of the short sale. Terms can include forgiveness of any deficiency, money incentive for a successful closing, property must be listed by a certain date, and many other incentives.
4. Interviewing real estate agents and selecting the most qualified person to handle your short sale (if you have not already selected a listing agent).
5. It can be helpful to obtain Broker Price Opinion letter to establish an estimate (not an appraisal) of the property’s current market value. This BPO’s must use comps in your immediate market. The property should be listed at a greater price to show the Lender you are trying to get the highest possible price.
6. Monitoring the listing to ensure that it is proactively handled.
7. Negotiate with Junior Lien holders for a reduced payoff. Junior Lien holders will get nothing in the event of a foreclosure (that qualifies for a short sale) therefore they have every incentive to settle for something rather than nothing. Junior Lien holders are permitted to pursue a personal money judgment due to any deficiency this creates. Negotiating to eliminate this is paramount for the borrower.
8. Submitting the short sale offer to all lien holders and negotiating with them to obtain approval of the sale.
9. Working with the lien holders to obtain release of any deficiency liability.
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