Archive for the ‘Case Basis’ Category

It Is Okay To Be Inventive With Your Short Sale

Monday, January 30th, 2012

Hello, we’re Dennis Pearce and Jesse Moore with Pickett Street Properties, Seattle’s main short sale team. We have a unique situation; we now have just negotiated an early occupancy in a short sale. We usually ask our clients who’re considering a short sale to consider how much their credit score is worth to them. Actually put a dollar figure as to what their good credit score is worth to them. When you’re beginning the short sale process, you need to make some choices right away. One is, are you going to proceed to live within the property and not make your mortgage payments or are you going to search out your subsequent place to stay for the next three to 5 years? Most individuals need to have decent credit to pass a rental application. This means they may vacate the property they’re short selling. When that happens they need to continue to pay a number of the bills equivalent to utilities, HOA dues, and taxes. It will possibly develop into considerably costly as a result of now they have rent and all the brand new expenses plus sustaining things on the 2nd household.

When we have now a serious purchaser, I speak to the sellers about letting them move in previous to closing. This will get someone else paying some of these additional expenses and someone is sustaining the property. It’s helpful to get a purchaser into the property so the chance of them walking away is reduced.

In case you are eager about short selling your house and it’s vacant, we will speak to you concerning the alternative to do early occupancy for the buyer. This may get the customer to select your property if they’re contemplating other properties at the time. As far as dangers go, we still have a lease agreement that claims they can’t smoke within the house or have pets. There may be still the possibility that they might damage the home though, however to me the pros outweigh the cons. This is a case by case basis, however it sounds like it could be a method to preserve the property and maintain a dedicated buyer within the transaction. Again, we’re with Pickett Street Properties, Seattle’s leading short sale team and we’re here to assist answer any questions you have. Thank you.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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