Seattle Short Sales

Seattle Short Sales have become an increasingly important component of our overall market. Time frames for completion of the Seattle short sale purchase process are shrinking rapidly in many cases. The major bank have jumped on board the short sale train as a superior alternative to foreclosure in terms of both fees and costs. In addition, the Seattle short sale process allows the banks to mitigate the significant issues of extended vacancy and property rehabilitation.

Short sale in Seattle has become more common due to the continuing mortgage crisis. Many Seattle homes that were purchased for outrageous sums several years ago when the market was good are now worth only a fraction of what was paid for them. Also, a lot of buyers got into adjustable rate mortgages at that time. These mortgages were attractive at first, with low interest rates, but those rates went up drastically after a few years, increasing monthly payments beyond what the owners could afford. Many owners need a way out now without taking too severe of a hit to their credit, and a short sale is a good option. For bargain hunters in a position to buy, it’s like the gold rush all over again.

As experienced Seattle short sale real estate agents, our opportunity to negotiate a successful transaction on your behalf within 90-120 days has increased dramatically. Under the old system, a short sale negotiation could easily have taken 4-6 months. Short sale real estate in Seattle provide buyers with an opportunity to take advantage of pricing on par with Seattle foreclosures / REO (Bank Owned) while avoiding some of the more intense case based competition that exists in the Seattle foreclosure market.