Just because a homeowner is in default on their mortgage or facing financial difficulties doesn’t mean that they automatically need to do a short sale on their home.
In today’s markets around Washington State, many homeowners are in default and potentially facing foreclosure but their home is NOT underwater.
These homeowners likely have equity in their home and need to sell quickly via a distressed sale to preserve their equity.
Distressed sale homeowners are facing many of the same challenges that homeowners who are underwater face:
- Behind on payments and afraid that any day the bank will foreclose on them
- On the verge of missing payments and unsure of how to move forward
- Overwhelmed with mail and phone calls from their bank offering confusing and conflicting options
- Bombarded with offers from “investors” or people who want to “buy the home for cash” but it may be hard to decipher what offers are legitimate
- Wanting to sell the home but not knowing where to start
I can’t tell you how many homeowners I work with who have equity in their home and often don’t know that – if they’ve been in default for over a year and don’t pay attention to their property value, they may not even know that they can sell their home and pocket the proceeds.
If you are working with a seller who is in default and/or facing foreclosure, there are many moving parts that need to be monitored, tracked, and dealt with that you don’t encounter with a non-distressed sale.
Consider hiring a Distressed Home Sale Manager to assist the seller with the following:
If you are listing a home where the seller is in a stressed financial situation, facing foreclosure or has defaulted on their mortgage, give me a call so we can chat about what’s going on: (425) 654-1674.