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Northwest Equity Home Sales |
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Short Sale What Is A Short Sale A Short Sale is the sale
of real property that produces less than the necessary proceeds to pay off the mortgage against the property. Once a Short Sale is approved, banks typically forgive the negative balance and report the
mortgage as a settled debt. Washington State is a single action State which allows banks to either foreclose, or seek a deficiency
judgment. They can not do both. FHA PFS (Pre-Foreclosure Sale) program
is a FHA (Federal Housing Administration) Short Sale program specifically designed to assist homeowners with
FHA mortgages avoid foreclosure. We have successfully negotiated Washington
State Short Sales consistently for 10 years. Our firm charges ZERO upfront fees. The
short sale process requires experience, patience, tenacity and knowledge. You need a strong Short Sale negotiator
working for you who understands a banks motivation is the bottom line, but people make it all happen. Having
the right person/company in your corner will insure your success. We are not a third
party negotiating firm. We have an agency duty to present all offers, represent parties to contracts, and must treat
all parties fair, unlike third party firms who simply "negotiate" for approval. FHA Pre-Foreclosure Sale Program The Pre-foreclosure Sale (PFS) Program
allows the Mortgagor in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt even though
these proceeds are less than the amount owed. The mortgagor, seller must be
willing to make a commitment to actively market their property for a period of at least four (4) months. 1. For the first 30 days of marketing, the bank may only approve offers that will result
in a minimum net sale proceeds of 88% of the "as-is" appraised Fair Market Value (FMV). 2. During the next 30 days of marketing, the bank may only approve offers that will result in minimum net
sale proceeds of 86% of the "as-is" appraised FMV. 3. For the duration
of the marketing period (60 days), mortgagees may only approve offers that will result in minimum net sale proceeds of 84%
of the "as-is" appraised FMV. FHA PFS Contact us immediately if you are concerned about a looming foreclosure. A Short Sale may be the
solution.
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