Medina Condos For Sale
Searching for Medina condos or luxury house for sale? Keller Williams Medina realty can help you find Medina WA short sales and bank foreclosures homes for sale in Medina WA! You can search through exceptional Medina WA real estate listings here and find information about neighborhoods and Medina schools.
Short Sale in Medina WA
It's a homeowner selling their home for less than what they owe on their mortgage. For example, if you had a $700,000 home that you can only sell at the current market value of $500,000. Then, homeowner gets an offer from a buyer and negotiate with their bank, and get the forgive of the difference. It sounds like an easy process but, actually it's NOT. It is a difficult process. We want you to be aware that not every realtors and real estate agents are short sale specialists.
+ Free Consulting with our Washington State short sale Expert, CDPE (Cretified Distressed Property Expert) and SFR (Short Sales and Foreclosure Resource) certified.
Our Medina Short Sale Specialists will help you to close a Successful Short Sale in Medina, WA!
Medina Short Sale FAQs
Q. What are the Consequences of a Short Sale?
1) Potential IRS tax consequences associated with the debt forgiven in a short sale.
2) Deficiency Judgement: The Lender has right to pursue a summary Judgement for the deficincy. *Without help of a good attorney or a loss midigation mitigation company, this is more likely to happen.
3) Blemished Credit Record.
Q. Impact on Credit - Short Sale vs. Foreclosure?
A. Short Sales are considered preferable to foreclosures because short sale (1) lessen the impact a foreclosure can have on the surrounding community and (2) won't damage the distressed your credit as much as a foreclosure. For instance, if you are still current with other payments, a short sale may lower your credit score by as little as 50 points.
3 Reasons to Avoid Foreclosures in Medina WA
1. Foreclosure Follows You You will always to disclose that you have had a foreclosure on any mortgage application as well as many job applications. This can have an adverse affect on your future mortgage rates. This is a credit item that is asked about specifically in credit inquiries. There is no 7 year time limit on this item.
2. Credit Score Negative Impact Your Credit Score will be lowered by 300+ points. Among with bankruptcy, a foreclosre is one of the most devastating credit issues you can have in realtion to future credit availability.
3. Possibility of Deficiency Judgment Your lender can seek a deficiency judgment against you and collect any amount they do not recuperate at the bank sale.
