Jamie Carroll ~ S&B Real Estate Team ~ Vancouver, WA ~ Clark County

My last blog about short sales covered the basics of what actually constitutes a short sale. Today we'll move on to the subject of advertising a short sale property.

First of all, you cannot keep the short sale a secret! It is considered a "material fact" (meaning it significantly, adversely affects the seller's ability to complete the transaction) under real estate law and MUST be disclosed. Because the seller can't sell the house without a reduction in debt from their mortgage holder, the seller's agent must disclose to all potential buyers that the purchase agreement is contingent on the approval of a third party. This disclosure will be among the other listing documents and state-required disclosures you sign with your agent.

Your agent will need to speak with your mortgage holder(s) as soon as you list your house to begin the negotiation process. Banks are notoriously slow so the short sale process requires tons of patience on everybody's part! The best thing you, as the seller, can do to facililtate the process is to be completely forthcoming with your agent regarding your finances. Yes, this can be a little embarassing but it's hugely important! Your agent can't adequately negotiate on your behalf if they only have part of the picture. This is why it's so important to find an agent you can trust!

Once your property is listed with your trusted agent it will be marketed as all properties are. Don't let your agent skimp on marketing just because your house is a short sale! Marketing gets your house seen by potential buyers and that is just as important in a short situation as it is in ANY real estate transaction. Expect the usual methods of advertising such as a yard sign, color flyers, internet exposure, print ads in real estate magazines, and open houses (when and where appropriate.) Ask your agent what additional marketing they do for short sales such as contacting a database of investors. Don't forget your piece of the marketing puzzle: keep the house clean and in good condition, tell your friends, family and neighbors you're selling (they might know a buyer!), and make sure potential buyers are able to view your house at convenient times. Whatever your reason is for selling, the goal is to get it SOLD! Everyone needs to do their part to make that possible!

Our next short sale blog will cover what happens when you get an offer from a buyer. If you have questions in the meantime, please give the JMC Group a call at 360-609-6775. Or go to the "Contact Us" portion of our website at www.MyRealtorIsJamie.com. We are here to help!

Lesson 1: http://activerain.com/blogsview/765054/Short-Sale-Basics-First-in-a-Series

Lesson 2: http://activerain.com/blogsview/774079/Short-Sale-Basics-Second-in-a-Series

Lesson 3: http://activerain.com/blogsview/788057/Short-Sale-Basics-Third-in-a-Series

Lesson 4: http://activerain.com/blogsview/796213/Short-Sale-Basics-Fourth-in-a-Series

Lesson 5: http://activerain.com/blogsview/827035/Short-Sale-Basics-Fifth-and-Final-in-a-Series

Have you been hearing the term "short sale" lately but aren't quite sure what it means? Or how it could pertain to you? I'm beginning a short series of blogs explaining the basics of short sales and what make them unique real estate transactions.

First, let me explain what the term actually means. A short sale is simply selling a house for less than the amount owed on the mortgage. There are many reasons why you might be in a position where this becomes a necessity. Perhaps you've had a job loss or other reduction in income, perhaps an illness has affected your family, perhaps your company has transferred your job forcing you to move. Whatever the reason is, finding a reputable agent to help you through a short sale will make the tough situation a little easier. They can help you avoid foreclosure and, in some cases, help you get your loan modified so you can actually stay in your home at a payment you can afford.

Wondering why you can't just sit back and let the bank foreclose on your home? Well, the truth is, you can! The problem with doing that is that it will completely destroy your credit rating for years to come and make it virtually impossible for you to buy another home in the future. A short sale will, unfortunately, also negatively affect your credit score. However it is much less severe and most people are able to purchase another home within three to five years, sometimes even sooner!

In Washington State a new law has gone into effect which differentiates between a typical short sale and a "Distressed Home." Under this law the following conditions will qualify you as a Distressed Homeowner: you live in the home as your primary residence and a) you are already at least 30 days delinquent on your mortgage payment, or b) ) you believe you will become delinquent within the next four months, or c) you are significantly delinquent on your property tax payments. If this is the case you will sign a "Distressed Homeseller" contract as part of your regular listing agreement with your Realtor.

The next blog in this series will cover advertising short sales. If you have questions in the meantime, please don't hesitate to call our team at 360-609-6775. We are here to help!

Lesson 1: http://activerain.com/blogsview/765054/Short-Sale-Basics-First-in-a-Series

Lesson 2: http://activerain.com/blogsview/774079/Short-Sale-Basics-Second-in-a-Series

Lesson 3: http://activerain.com/blogsview/788057/Short-Sale-Basics-Third-in-a-Series

Lesson 4: http://activerain.com/blogsview/796213/Short-Sale-Basics-Fourth-in-a-Series

Lesson 5: http://activerain.com/blogsview/827035/Short-Sale-Basics-Fifth-and-Final-in-a-Series

My family did what all our clients do... we moved. I now have a newfound appreciation for what our clients go through after closing! Though it's been three weeks we are still surrounded by stacks of unpacked boxes and have only vague, conflicting thoughts as to where they should go. Add to the chaos our three kids, two dogs, and the fact that we both work long hours from home and - holy moly!

Most agents give their clients a nice gift at closing. Myself included. But I have to say this move has me rethinking that. Three weeks ago we were all excited about our move. The boxes seemed lighter and fewer, and surely there weren't so many stairs in the new house!?! NOW is the time I could use a lovely surprise - not three weeks ago! I'd bet ALL our clients feel that way about a month after the move; before they're settled but after the initial excitement has waned. This is when the move feels "real." So, I now find myself reconsidering the timing, and perhaps even the nature, of my clients' closing gifts. Something a little fun, a little useful, and at a time that it will bring them a little more happiness when they need it most.

Enjoy the work of local artists at the First Friday ArtWalk in downtown Vancouver. The Sixth Street Gallery (located at 105 W 6th St) will be featuring the charming paintings of Katie Berggren as well the Showcase for Artists with Disabilities. After enjoying fine art, food, and live music at Sixth Street, wander up to Evergreen Blvd where there are several galleries in close proximity: Art on the Boulevard, NorthBank, Aurora, and more! Many shops and restaurants are open late for this monthly event as well. ArtWalk is a great way to get out and enjoy the revitalized downtown Vancouver scene. See you there!