Certified Distress Property Expert (CDPE)
For Bank Owned and Short Sale listings please call 360-903-5951 or email me.
Bank Owned
Short Sales are properties for sale at a price that is less than the seller´s loan balance. Short Sale transactions can take 45-90 days to approve. Third party lender approval is needed. The flow chart to list and sell a short sale is elaborate. Buyers should not lock in their loan, spend money towards the purchase until notified that their offer has been accepted and approved by the seller and lender. Buyers need to be careful not to make promises they can not keep to distressed homeowners. Buyers & Sellers need to understand new Washington State Laws, and the options to foreclosure.
Get educated first. Check out these informational web sites:
Free Counseling
HUD Foreclosure Guide
New Law
FAQ
It is sad to think of the people that have lost their homes. We need to return to the good old days when buyers saved more than they spent, when they saved for a real down payment, and modest home they could afford. When bankers made loans based on conservative income ratios, verified jobs, credit worthiness, and low fixed rates. When homeowners spent within their means, did not use their home´s equity as a line of credit, built equity by paying off debt quickly, and maintained their homes as long term investments.
The biggest blood sucker to future wealth is debt. It is the interest people pay on home loans and credit cards. Have you ever wondered why bank buildings are usually the fanciest buildings in town? It is interest paid on mortgages and credit cards. The paid off home mortgage truly is the best status symbol. I say quit paying for big bank buildings rather pay for your home in full as quickly as possible.
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