Mercer Island Houses

Mercer Island real estate offers many options to home buyers from downtown condos to high priced luxury waterfront Mercer Island houses.


Mercer Island Homes For Sale

Are you thinking to sell your Mercer Island homes or interested in buying a Mercer Island short sale? Ask our Mercer Island real estate agents for showing luxury short sale homes for sale in Mercer Island, WA. We also have great foreclosed houses, townhomes and condos that are not on the Mercer Island real estate listings, yet!


Mercer Island Short Sale

Short Sale is bascially banks allow homeowners to sell their properties for less than what is owed. For example, if you owe $460,000 and are 2 months behind on your mortgage payments and your home in Mercer Island is worth only $300,000 today. You gets an offer from a buyer and negotiate with your 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 Mercer Island realtors and real estate agents are Washington State short sale specialists. Whether you are buying or selling your Mercer Island house in a short sale, make sure our Mercer Island short sale experts.


Are you facing Foreclosure? Short Sale can Stop it!

Our Mercer Island Short Sale Specialists will help you to close a Successful Short Sale in Mercer Island and Bellevue, WA!

Short Sale Mercer Island


Mercer Island 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.


Three Reasons to Avoid Mercer Island Foreclosures

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.