I Don't Think We Qualify For a Short Sale....Or Do We?

Not everyone who has to short sale their house is in financial distress. Although it is more common for owners inquiring about short sale options to be behind on payments, there are situations where people need to move but are unable to sell under a "regular" sales scenario because their property is hugely upside down in value.

A typical scenario is the relocating employee.

Keeping your job (or climbing the ladder) means making a move but your home has lost 40% in value,.

You have some savings, but no where near enough to clear your mortgage lien(s) at closing.

You're able to make your payments every month but 2 payments (mortgage here, rental there) would push you over budget and into the red on a regular basis.

Renting is an option for some, but if you're like many owners who bought between 2005 and 2007, you'll have an interest only or option arm mortgage, and a renter will only cover part of your monthly nut on a property you don't want and that is holding you back from taking a great new job opportunity.

So what should you do?

Call a qualified Short Sale Realtor and get a conversation going!

The short sale process has been blogged about ad nauseum (and yes, I'm a guilty contributor) so there's information galore available online. But the important point is, no one short sale is exactly like another. No one seller's circumstance; mortgage type, reason for selling, financial picture is exactly like anothers. So while doing some research online is great, it's also a little like trying to put a square peg in a round hole.

Sitting down with a Realtor who knows the right questions to ask you, has the answers to your questions (or knows where to get the answer) and can ultimately help you create an action plan for your situation is going to help alleviate the stress of the "unknown".

I can't tell you how many local families I've talked with in the South King County area about the short sale process. Most are struggling financially, others are just feeling "stuck" and need to sell in order to move on.

What do I charge for this?

Nothing.

I can answer your questions on the phone, in my office or, in your home....it all just depends on your level of "readiness" and willingess to take action.

But if you don't ask.....you'll never know!

Flickr Photo Credit:Horia Varlan