Sandy Kaduce - Gallery Homes Real Estate - Short Sale Information

Short sales and bank owned properties are large segment of today's real estate market. If you're a seller who is "under water" on your mortgage loan, or a buyer looking for a home that is priced right relative to today's market, you owe it to yourself to work with a real estate broker who understands how to work successfully with these properties.

Speaking plainly, as many as one-third to one-half of the homes that actually sell in today's market are short sale or bank owned properties. This is true not just in less expensive neighborhoods, but in neighborhoods that have traditionally been in the high end of the market. Yet, many buyers, sellers and real estate agents are fearful of these kinds of sales, because of their belief in the prevalent myths associated with short sales and bank owned properties - for instance, that it is impossible to close on a short sale, that banks are unwilling to work with willing buyers and sellers, or that the timeframes involved are simply too long.

As with all myths, there is an element of truth to these ideas. The truth is, not all short sale transactions can close. Often, this is due to a fatal flaw in the transaction that could be identified early on by an experienced agent. Other times, a short sale may not make sense for a buyer and seller. Maybe a seller has not considered all their options, or perhaps a buyer doesn't have the financing or time flexibility to take the risk on a short sale property. Again, at these times working with a knowledgeable agent is critical.

That said, much of the conventional wisdom about short sales reflects how these transactions have been handled in the past, NOT the way they are handled today, and NOT the way a knowledgeable agent will handle them. One change that has made a difference in many cases is the introduction of the Home Affordable Foreclosure Alternatives (HAFA) program, which is helping to streamline short sale processes by applying strict deadlines and incentivizing lenders to allow these sales to go through.

In addition, as an agent specializing in working with these properties, I've streamlined the work associated with these sales on the buyer and seller end. Knowing what the banks require, I can provide a solid understanding of what to expect throughout the process.

For additional information, visit the following links:

For Buyers 9 Short Sale Pitfalls for Buyers to Avoid

For Sellers - Preparing the Short Sale Preapproval Package

Learn about the Making Home Affordable program

Learn about Home Affordable Foreclosure Alternatives (HAFA)

Gallery Homes Real Estate :: 700 3rd Street | Mukilteo, WA 98275 :: Office Phone: 425-212-4300 :: Fax: 425-212-4304