Category: Spokane Short Sales
Alternatives to Foreclosure
Most people facing foreclosure fear they are out of options. Contrary to popular belief, there are actually over a dozen ways to avoid foreclosure when faced with it. In a similar article, we wrote about alternatives to short sales, where we discuss foreclosure as one of the alternatives to a short sale; as such, a... Read More
Follow up – Success with USDA / B of A Short Sale
Some of you may remember a previous rant about one of our experiences with Bank of American and USDA. Long story short, we skillfully completed a rather long Short Sale with B of A only to be met with an apologetic manager stating that they had made a mistake and processed our short sale in... Read More
Revisit Short Sales, you may be surprised.
We recently received an email from a consumer stating that it was unethical to list a short sale without clearly writing “Short Sale” on the front yard sign. Upon review of the listing, everything was properly marked in the MLS indicating that yes, indeed, the subject property was a short sale and nothing sly or... Read More
Appliances or No Appliances? Should you keep or leave them in a Short Sale
I get this question a lot: “Since I’m short selling my house and not making any proceeds, can I keep my appliances?” The answer is yes, you can keep and even sell your appliances, however some (most) houses sell much better with appliances than without. If you need the money to feed your family, by... Read More
Bank Counter Offers, Keeping the cats herded.
As Short Sale marketers we do our best to prepare a property and an offer for the bank (the victim of the short sale). With so many moving parts in a Short Sale, from BPO to property conditions, it can be like herding cats. The biggest discrepancy at times is a BPO price. The BPO... Read More
Why short sales aren’t so short.
There are probably a million (exaggeration) youtube videos of REALTORS talking about short sales when they open with: “Short sales should really be called Long Sales,” with a clever smirk. While corny, the logic is sound. The word short has nothing to do with the speed and everything to do with the loan. When the... Read More
3 Steps to get back on your feet after you short sale.
Short sales can be rough, but they are a necessary evil. After all, the banks give you a decision. Pay your mortgage or don’t, and the options are clearly laid out in your note. But what happens after the short sale? What can you do to start getting credit again? There’s usually nothing you can... Read More
Short Sale Pricing Strategy; Why higher is sometimes better… At first.
Selling a short sale is like building a solid rebuttal in a debate. We need to have solid facts and evidence to back it up. We use this strategy when listing Short Sale properties. Unlike traditional resale properties where we price a hair under market value to generate interest and sell faster than the competition,... Read More
USDA and B of A – a Bank of America Epic Fail
I’ve had a couple of weeks to cool down about this, but still makes my blood boil. Was a truly epic fail on the part of Bank of America when handling one of our recent short sales. Bank of America informed us that an internal control had been ignored or overlooked in our transaction, and... Read More
Not behind on payments; you can still short sale.
Many believe a short sale can only occur if a person is behind on their payments, in fact, that’s quite untrue. A person can be behind on their payments and sell their home to make a profit for that matter. A short sale is when the proceeds from the sale do not cover the liabilities,... Read More
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