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May/June 2009 |
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FYI...What is a Short Sale?
A short sale is an "arrangement" between the owner of a property and the lender.
Most short sales arise when a seller owes more on their house than they can sell it for. The owner of the home then attempts to make an arrangement with their lender to sell the house for less than is owed.
The lending bank accepts an offer for less than the total amount owed to pay off the home. The "deficiency" is the difference between the amount owed and what the bank collects at the short sale.
For it to be a short sale, someone must be getting "shorted"--either the seller or the bank. Despite popular belief, you do not have to be behind on your payments to qualify for a short sale. You simply have to prove that your house cannot be sold for what you owe and that you will be soon facing financial distress. |
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Short Sale Qualifications and Process
There are three qualifications almost every lender will want to see if you are looking to qualify for a short sale: Financial Hardship, Monthly Shortfall and Insolvency.
In order to sell your property through a short sale, you will need to work well with your Real Estate professional. Your cooperation in this process will give you the highest chances of a successful outcome and most importantly a foreclosure avoided. Here is a simple list of the process to help you avoid foreclsoure:
- Prepare Your Property For Sale
- Gather All Required Paperwork and Documentation
- List Your Property with a Qualified CDPE
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Certified Distressed Property Experts
An Agent who has earned the CDPE Designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with. The CDPE Professional is an agent who understands the full range of solutions and is ready to help. While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn't be, Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.
Keith Cook and Rachael Wilson are both CDPE Certified |
Want To Learn More?
Visit Our Resource Center
On our Website, You Will Find Additional Short Sale Articles Including...
Articles that include the government updates, questions and answers on mortgage modifications, searching for short sales and much more! Click here for further information. |
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Community Update: Fairhaven
Fairhaven, Washington is one of the most beautiful places in Whatcom County. It has an old town feel and features art galleries and specialty shops. This district always draws a crowd on a sunny day. There is also a transportation port for ferries departing to Alaska and to the San Juan Islands.
So come and experience the feel of Fairhaven!
Click Here to view all current listings in Fairhaven, WA |
NWMLS Stats:
Northwest Multiple Listings
Whatcom County
Bellingham
Closed Sales Report - Residential
April 2009
Residential/Condos Average Price Median Price
83 322,274 284,000
Click Here to View Archived Statistics on all of Whatcom County |
 
18013 Glacier Rim Dr, Glacier WA
$210,000
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324 W Homestead Blvd Lynden WA
$239,000
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38XX Mt Baker Hwy, Everson WA
$199,000
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606 Everglade Rd, Bellingham WA
$379,900
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  4684 Lost Creek Ln, Bellingham WA
$449,000
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206 Forest Ln, Bellingham WA
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5714 North Fork Rd, Deming WA
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Monthly Payment Rate Sheet
Based on a Property Price of $250,000
30 Year Fixed 15 Year Fixed
Principle & Interest $729.22 $1082.68
Points 1.309% 1.105%
% Down 20% 20%
Rate 4.5% 4.25%
APR 4.746% 4.645%
Comments & Explanations:
Let me compete for your business. Payments do not include homeowners insurance and property taxes. Loan Originator License # 510-LO-35892. To apply online visit me at www.neighborhoodmortgage.net/anny
* Please note that this illustration requires that you put a minimum 20% down. No ARMS or Balloons. Only conforming 30 Yr. Fixed Rates. This information is provided for illustration only and does not constitute an application does not guarantee loan approval, nor is it an offer or commitment to make a loan to you on the above terms. This is not a commitment or an offer to extend financing as defined by Federal Reserve Regulation Z - Truth in Lending and as such does not contain an APR. Interest Rates are subject to change daily without notice and will affect the loan amount for which you may qualify 
Anny Havland
Neighborhood Mortgage
License # 510-LO-35892 Co-owner/Licensed Mortgage Advisor 360-594-4030-Direct 360-671-8043-Fax "Cheers to continued great lending rates." | |
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Economic Update: May/June 2009
The Fed is actively buying Treasury obligations maturing in 15- to 30-years. Today's Fed operation is part of its ongoing $300 billion plan to purchase government debt to help keep borrowing cost artificially low, giving the economy the opportunity to fight its way out of a major recession. That is good news. The even better news is that Mr. Bernanke has plans for an encore performance in the Treasury market tomorrow. For the time, expect these Fed buying sprees to limit any significant upside pressure on mortgage interest rates.
Selling pressure in the stock market is contributing to solid improvements in the mortgage market in today's early going. An increasing number of analysts are warning the rally in stock prices that began in early March is overdue for a correction to the downside. Should these forecasts prove accurate, a meaningful sell-off in the stock markets will almost certainly support the prospects for steady to perhaps fractionally lower mortgage interest rates.
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Market Snapshot
Determine Your Property's Value by Evaluating Other Sold Properties in Your Neighborhood.
Click Here to Receive Your Own Market Snapshot for Your Property... |
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Are You or Someone You Know in Financial Distress and Need Help?
When it comes to your home, we understand!
Please call us today for a free consulation
about your property. We are fully trained
on the Short Selling process and we are
eager to help you avoid foreclosure.
You are not alone. |
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Are You Interested In Learning More?
If you are interested in learning more on how to buy or sell short
sale/foreclosure properties, we will be holding informational meetings
starting late May. So, if meeting us in person to discuss these topics, or
anything else related to real estate, is something you are interested in...
let us know!
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Listing Alert
Would You Like to Receive New Listings Matching Your Search Criteria? Click here |
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May/June
Upcoming Events!
May 15th - Bike to Work and School Day
May 17th - Ski to Sea
May 21st - Mt. Baker Ballet "Alice in Wonderland"
May 24th - Fairhaven Festival
June 5th - Downtown Art Walk
June 15th - Whatcom Real Estate Monthly Release!
Click Here to View a Full Calendar of Upcoming Events | |
Follow Us On Twitter!
One easy way to stay up to date daily on Whatcom Real Estate News! |
Thank you for taking the time to view Whatcom Real Estate Monthly.
To view our newsletters online please visit www.WhatcomRealEstateMonthly.com. Our goal is to keep you informed on the most up to date Real Estate information available. If you have any questions about information represented in this version of Whatcom Real Estate Monthly or have topics you would like to learn more about relating to the current Real Estate Market. Let us know!
Sincerely,
Keith Cook and Rachael Wilson
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