Short Sales have been in the news more and more, alongside the reports on foreclosures.  So what exactly is a short sale?  

In a short sale, the homeowner sells the house for less than the balance owed on the home, with bank approval.  This is an attractive alternative to allowing a home to go to foreclosure.  Short sales are still damaging to the homeowner's credit, but experts cite not nearly as much as a fully completed foreclosure.  The banks know, statistically, that they lose between 30 and 50 percent on the selling price, once they take possession of the home through foreclosure.  For the homeowner, a short sale is a way to get the best price for the home (and for the bank), while working to mitigate the impact on their credit.  Here at RE/MAX, and servingwateam.com, we have expertise in helping homeowners through this process, which includes recommended consultations with real estate and tax law specialists --so a homeowner is well informed and reassured that their decision to make a short sale is a good one.  There are many different aspects to the short sale process, which I can explain to you.  The only way to go wrong, is to do nothing, so if you are facing financial difficulty, or are behind in payments, let our team help you navigate the short sale process in Olympia, Lacey, Tumwater, and the South Puget Sound area.

Of course if you are interested in buying a short sale, it is just as important to have an experienced agent on your side, who knows all about the short sale process.