What to Know About Short-Sale Homes for Sale in Bothell
April 17, 2017
Searching for affordable property to purchase can be daunting. There are innumerable options available in price, location, size, condition, age and more. One type of property that can save buyers a great deal of money is the short-sale. In the simplest terms, a short-sale is a home, land or apartment that nets the lender less than the total amount due to the lender after all associated costs are paid. It also covers a home where the balance of the mortgage is more than the market value of the home. There are some additional factors involved with buying short-sale homes for sale in Bothell, as well.
A short-sale must meet 4 specific criteria: a seller with a hardship, a buyer who desires the home, a bank that is willing to handle a short-sale and an underwater home.
The real estate agent plays an important part in a short-sale and oversees the following:
- Verifies the nature of short sale involved.
- Collects the necessary paperwork and turns over the short-sale package to the bank.
- Works with the seller to price the short-sale home appropriately.
- Lists the home and brings all offers to seller.
- Negotiates the sale.
- Presents the short-sale approval letter to the seller.
Contact a real estate professional with experience in short-sales and a variety of other properties. Lacey Lingenfelter at New House Match can assist you with selling or buying this kind of property. Call 425-268-0347 for additional information about short-sale homes for sale in Bothell and surrounding communities.