There has been so much written in the news, reported on TV and talked about around the cul-de-sac with respect to Short Sales and whether they are worth a Seller’s time or effort. I don’t know why, but for some reason everyone in the Universe seems to think they are an expert when it comes to dispensing real estate advice.
Here are a few myths I’ve heard recently:
- If you’re not behind in payments, the bank won’t consider your short sale.
- Not true! While you’ll likely have to demonstrate a hardship to your lender, you do not always have to be behind in payment in order for the bank to consider your offer.
- Once you’ve received a Notice of Trustee’s Sale, there’s no help for selling so you might as well hand the keys over to the bank.
- Not True! Once you have a signed listing contract, some lenders will postpone the Auction Date to allow time for you to get an offer. If they aren’t willing to do that, then they usually will halt the sale once an offer is on the table. An experienced Short Sale Realtor will be able to help you with this process.
- There is no advantage to a seller to work out a short sale with their lender vs. letting the house go in Foreclosure.
- Short Sale offers never go through and the house ends up in Foreclosure anyway.
- Of course there are no guarantees, but I review files daily…many of which are short sales and I can tell you that to a large degree, the success of a short sale being negotiated is directly related to the knowledge and experience of the Listing agent representing the seller.
- Any agent can help a seller with a short sale.
- True, but refer to the prior bullet point.
If you know someone in the Puget Sound region who wants (or needs) to sell but is upside down in value, please have them call me or email my team. If we can’t help you, we will be able to refer you to one of our pre-screened associates who are experienced in helping owners on short sales.
Short sales are possible, and we are successfully negotiating and closing them!
Colleen Fischesser, Washington State Designated Broker & Owner of RE/MAX Select R.E; Member NWMLS, SKAR, WAR, Voted "Best in Client Satisfaction" Seattle Magazine 2006,2007 & 2008. Representing home Buyers & Sellers for nearly two decades. 
