What is a Seattle Short Sale?

A Seattle Short Sale is a real estate sale done in Seattle that results in the receipt of funds that are Short of the amount still outstanding on a loan that was made for the property. A Seattle Short Sale occurs when a Seattle financial institution has made a decision to sell a property in Seattle that it has made a loan for at a loss so that it will not have to continue with the collection process with the recipient of the loan.
The Seattle Short Sale is a much more preferred outcome for both the Seattle financial institution and loan recipient because it will prevent them from having to do a Seattle Foreclosure. A Seattle Foreclosure is bad for everyone because there are big unwanted fees involved for the bank and the borrower will receive bad ratings on their credit report from it. So, it goes without saying that the Seattle Short Sale is a mutual agreement between the bank and the borrower. It is important to note however that doing a Seattle Short Sale will not free the borrower from the commitment they made to be responsible for any funds that may still be outstanding on the loan after the Seattle Short Sale has been made. The difference between the amount of money that is received from a Seattle Short Sale and the amount of money owed on a loan is called the deficiency. This point highlights the advantage of doing a Seattle Short Sale sooner rather than later when a borrower is in trouble because it will help to keep the amount of the deficiency smaller.
A Seattle Short Sale happens when a borrower has fallen on bad times do to a loss of job or some other financial setback. In a Seattle Short Sale a Seattle financial institution will agree to and is willing to lower the amount still owed on a home loan due to the financial hardship a borrower is experiencing. After the bank has agreed to lower the outstanding balance of the loan, the borrower sells the Seattle property at a loss and takes the proceeds from the sale and hands them over to the bank. A Seattle Short Sale is not what everyone hopes for but is the best answer for a difficult situation. A Seattle Short Sale will help to minimize the amount of financial and credit damage made by a borrower not being able to make the loan payments. A Seattle Short Sale is always going to be the preferred choice of a bank rather than go through an expensive and lengthy Foreclosure process when a client is no longer able to make their loan payments. The borrower benefits from doing a Seattle Short Sale because it helps to minimize the amount of damage done to their credit report from not being able to make the loan payments and gives them an opportunity to make a fresh start without the worry of having to make a loan payment that is too high for them to make given their current financial situation.
Most Seattle banks will have people who spend all of their time looking at all of the loans they have made to borrowers deciding on whether or not a loan made to them meets criteria for a Seattle Short Sale. There are plenty of factors involved in the decision process of deciding if a loan recipient is best suited for a Seattle Short Sale and those factors can sometimes change depending on the economic climate and given situation. The biggest factor a bank will look at when deciding on if a loan that has been made should be considered for a Seattle Short Sale is how much equity there is and how much they may get from a sale of the property given current prices.

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Metropolitan Realty Group 12900 NE 180th Street, Suite 120 Bothell, WA 98012 Phone: (888) 940-9777 Fax: (206) 783-9444 Contact: Justin Cicero Email: Shortsaleseattle@gmail.com www.shortsaleseattleshortsales.com

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