Seattle Suburbs Real Estate

As more and more short sales pop up in different Seattle neighborhoods and suburbs, it is important to try and get the rules straight. 

Short sales have typically taken much longer to negotiate as a rule and as a result some of the stats in the MLS have probably been off at times as a result. Here is what the definition of a short sale is according to the NWMLS:

"A "Short Sale" is a sale that does not produce sufficient funds to cover the existing monetary encumbrances against the Property, closing costs, real estate commissions, and other financial requirements of closing. Seller's creditor(s) are those third parties who have an interest in the Property in the form of a deed of trust, some other security, or a lien (e.g. tax lien)."

The MLS has changed the way short sales are to be handled going forward and it begins with the very basic rule that the listing should be disclosed as a short sale.   There are other changes regarding the commission as well as how the listing should be marked in the MLS while all parties wait for lien holder approval.

Overall, It is a good start, but much more needs to happen to educate the consumer as to the ins and outs of a Seattle short sale transaction. 

Cooper Jacobs Real Estate Services, Serving Seattle neighborhoods and Seattle suburbs, e-PRO, REALTOR, Broker