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Feb 21

A short sale, or a long sale?

A nasty reputation…

Short sales are notorious for taking a long long time. Sometimes that is because the seller isn’t working with a pro. Sound familiar?

What are short sales?

Short Sales are so termed because the seller owes more on their residence than a sale would realize…. Property values have declined so much the past few years that it is estimated one in three homeowners in the Puget Sound owe more on their homes than they can sell it for… Or, as is commonly said, they are ‘underwater.’

Now, we have been here before in past downturns, and property values have always rebounded and then some… After all, people need a place to live – and, especially in areas like the Puget Sound, there is a growing shortage of buildable land balanced against an increasing population due to our relatively strong and diversified job market.

Many homeowners can ‘wait out’ the downturn. But not everyone. Thus, some are being forced to sell at a loss.

What to do?

Despite the fact that your uncle may be an excellent Realtor, sellers in a short sale situation should always find an agent who has the training and experience to navigate choppy waters. Best advice: find a Realtor who has certification in Short Sales, and preferably one who is also certified in Negotiation.

The process is challenging enough without being saddled with a well-intentioned, but poorly qualified, Realtor. Plus, even in the best of worlds, the process is both challenging and time-consuming.

Do yourself a favor and work with a Realtor who knows what to expect and can effectively make the best outcome become a reality.

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