Help "Destressed" Homeowners Avoid Foreclosure Using Short Sales

The Knowles Team in Seattle, WA Help "Distressed" Homeowners Avoid Foreclosure Using Short Sales!

Due to declining values and other reasons, the real estate market has literally been turned upside down with many homeowners owing more on their homes than what those homes are worth. These distressed homeowners are confronted with the agonizing decision of how they should proceed... Foreclosure or Short Sale?

It's no surprise that the Foreclosure and Short Sale process has caused much confusion in the community with homeowners and even with Realtors® and real estate attorneys. "There is definitely more misinformation than information on this subject" states Jim Anzalone, CDPE Instructor.

What is a Short Sale?

A "Short Sale" is a relatively new phrase to many homeowners, but this type of sale has been part of the real estate market for many years.

A homeowner is "short" when the homeowner owes an amount that when combined with closing and selling costs is higher than current market value.

A Short Sale occurs when a negotiation is entered into with the homeowner's lender to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is "sold short".

With a successfully negotiated short sale the seller won't get any money at closing, but they will avoid the emotional toll a foreclosure can cause. In addition, the seller won't have to come to closing with any money and their credit won't be destroyed.

This sounds easy enough; however, it is an involved process that takes time, patience, good communication skills, organization and professionalism.

The Knowles Team has earned the designation CERTIFIED DISTRESSED PROPERTY EXPERT© or CDPE. This means the Team understands the Short Sale and Foreclosure process thoroughly. They specialize in the sale of distressed properties and can assist both buyers and sellers. They can quickly assess any situation and be able to suggest which strategy is best for a homeowner to avoid foreclosure. Sheryl Knowles attended an intensive three-day seminar and countless webinars to earn this kind of designation. There are less than a dozen Realtors® in the greater Seattle area who hold this important designation. "We're educating ourselves constantly because things are changing so fast." said Sheryl Knowles.