Short Sale Versus Home Foreclosure

A mother and daughter wonder which is best for them: short sale or foreclosure?If you owe more than your house is worth and need to sell, or if you are behind on your mortgage, we can work with you and your bank to try and do a short sale rather than go through foreclosure.

Both a short sale and a foreclosure will lower your credit rating. A foreclosure may cause your credit score to drop by as much as 200 to 300 points. And that foreclosure normally will remain on your credit report for five to seven years, making it difficult or impossible to qualify for financing. The hit from a short sale is smaller – often as little as 60 points. And you may qualify for new financing in as little as 12 months after re-establishing your “satisfactory credit” standing.

There are many other benefits to choosing a short sale over foreclosure. With a short sale, you are in control of the sale, not the bank. The waiting period to qualify to buy a new home in the future may be shorter if you opt for a short sale instead of foreclosure. You may sleep better at night knowing who is buying your home, and you can spare yourself the social stigma of foreclosure.

I want to let you know how much we appreciate all you have done. You allowed us to avoid foreclosure on both our home and our rental property. There could not have been a better resolution to a really stressful situation. You were fantastic to work with.

Sara B., Bothell, WA

Every homeowner’s situation is different, so we always recommend that you speak with professionals who who can advise you on the legal and tax implications for your circumstances. Washington Property Solutions offers free real estate attorney and CPA consultations as part of our service to you. Call us at 425-381-2233 and we can refer you for a consultation.

You May Get Significant Cash Incentives for Doing a Short Sale Instead of Foreclosure

If you are facing foreclosure and have your loan with Chase or Bank of America there’s good news. Both banks have started paying significant cash incentives to encourage sellers to do a short sale and avoid foreclosure.

In the past few months we have had homeowners receive checks from their lender at closing in amounts that range up to $30,000. And these large incentives are not restricted to owners of high-end properties. The owner of a short sale property that recently sold for $200,000 received a check for $30,000. The checks are given for relocation assistance and can be used however the homeowner sees fit. There are no restrictions.

It’s important to note that the seller incentive is determined by the investor, so not every seller with a Chase or Bank of America loan will receive an incentive. However, if you facing a foreclosure, it’s a good time to find out if you qualify.

Do you qualify for cash incentives to avoid foreclosure?

Call Washington Property Solutions today at 425-381-2233 or toll-free 866-732-9725 to talk to a short sale specialist.

Why work with Washington Property Solutions?

  • Over 1400 closed short sales
  • Fifteen years experience in the industry
  • FREE real estate attorney and CPA consultations
  • FREE foreclosure mitigation filing
  • FREE post-closing settlement
  • Dedicated case manager
  • Expertise working with your individual lenders
  • High success rate releasing you from debt
  • Experienced with HAFA program and the Washington State Foreclosure Fairness Act
  • Our short sale experts are experienced Windermere real estate brokers with extensive knowledge of the short sale process in Washington State

When health and family issues forced me to sell my home, I didn’t know what to do. You were so patient about explaining the process and dealing with the complicated details. Not only did my house sell, but you were able to negotiate with the lenders so I didn’t owe a thing. I was able to put it all behind me and move on with my life. Thank you for taking such good care of me.

Lisa S., Bellevue, WA

Washington Property Solutions
Windermere Real Estate /East Inc.
11100 Main Street, Suite 200, Bellevue, WA 98004
Local: 425-381-2233
Toll-Free: 866-732-9725

Windermere Real Estate

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