As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.
A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.
On the buyer side, short sales typically take three to four months to complete and many of the closing and
The following article is a re-post from Realtor.com. Very insightful look at today's home selling market and what to do to help our home sell fast and for the most amount of money.
"Fasten your seat belts, it’s going to be a wild year in real estate! Our chief economist, Jonathan Smoke, has predicted that 2016 will be a true seller’s market, and it’s already galloping out of the starting gate.
Of course, not all homes are equal, and they don’t sell equally well, either. Most homes are a unique mosaic of attractive features (sparkling new granite counters!) and sometimes frustrating flaws (hey, what’s with the dilapidated porch?). Which part of that equation comes out on top will help determine what how quickly your place will move.
Before you let yourself fall in love with that longed-for perfect home and make an offer, you need to seriously seek answers to the questions below so you will know how to confidently invest your money without any surprises or regrets. Understanding property values, home sellers, possible property shortcomings, and the workings of distressed sales should be your top priority while you search for your new home.
HOW MUCH IS A HOME WORTH?
Making an offer on a house is not done by simply undercutting the asking price or by asking your agent for a dollar amount, which they should not do for ethical reasons. By doing a little research with your realtor and reviewing comparable sales, you will be able to
Now that we’re already a full month into 2015, let’s have a look at our monthly stats preview. First up, here’s the snapshot of all the data as far back as my historical information goes, with the latest, high, and low values highlighted for each series:
Listings inventory hit another new all-time low in King County in January. Listings are still falling in Snohomish County as well, but are still slightly above their early 2013 lows. Meanwhile, sales fell dramatically month-over-month in both counties, as is fairly typical for this time of year. Year-over-year sales were up just slightly in King County, but down in Snohomish. Foreclosure notices declined from 2014 in both counties.