Will I Still Have To Pay Property Taxes If I Do A Tacoma Short Sale?

Seattle and Tacoma,WA –Hi! This is Nathan Olotoa with 59days2sold.com and www.seattleshortsalesagent.com and I specialize in short sales in the Tacoma and Seattle areas.Tacoma WA – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question.

"I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Paul's Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property.

That means that if a property is foreclosed upon, then they still have to be paid. They don’t go away for any reason.

This is also why most lenders want to charge you monthly and then pay the property taxes themselves. They know that the taxes are a big bill that only comes once a year.

Not everyone can afford that big bill. Because your lender knows they will still have to pay the taxes after a foreclosure, they are willing to pay them during a short sale.

A foreclosure is a liquidation of the property to simply get what they can and move on. A short sale has been proven to net them more money than a foreclosure.

So if they are liquidating the property, why net more money from the sale with a short sale and avoid a foreclosure? That’s why they will pay the taxes when you short sale.

Every short sale the Stop Foreclosure Institute has sold resulted in the lender paying the property taxes that were owed. In some cases they paid 2-3 years of property taxes. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at asknate@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 253-310-1177

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification Our Tacoma loan modificationkit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Nathan Olotoa.

Nathanis a Real Estate Broker at Keller Williams-Tacoma.  Short Sales Realtor

Phone: 253-310-1177. asknate@kw.com.

Listed to Sold in 59 days or less

View Tacoma homes for sale and Seattle homes for sale at 59days2sold.com. View my previous blog posts at www.seattleshortsalesagent.com.

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Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Nathan Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma. 

This information on Will I Still Have To Pay Property Taxes If I Do A Tacoma Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

How Much Do You Charge For A Short Sale in Tacoma?

Seattle and Tacoma,WA –Hi! This is Nathan Olotoa with 59days2sold.com and www.seattleshortsalesagent.com and I specialize in short sales in the Tacoma and Seattle areas.

Tacoma WA – The Stop Foreclosure Institute recently received a question from Tawny. Here is Tawny's Question.

"I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much live paycheck to paycheck. Tawny."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Tawny's Question: A short sale doesn't cost the homeowner any money. All of the costs are paid for by the homeowner's lender.

Now, I'm sure you are asking, "The bank is losing money on the short sale. They wouldn't want to have to pay to sell the property."

Many people also think this. After all, it makes sense logically. But, it's actually not the case.

Banks have been lending money for centuries. They have learned from past experience that a short sale is a good way to cut their losses.

In fact, a recent study by the Boston Consulting Group actually showed that a short sale reduced a lender's losses by 20%, compared to a foreclosure.

After a lender forecloses on a property they put it up for sale. They have to hire and pay a real estate agent and all the other related costs.

Why not pay those costs on a short sale and cut their losses by 20%? It's a good business decision. And that's why a short sale doesn't cost the homeowner anything.

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at asknate@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 253-310-1177

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification Our Tacoma loan modificationkit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Nathan Olotoa.

Nathanis a Real Estate Broker at Keller Williams-Tacoma.  Short Sales Realtor

Phone: 253-310-1177. asknate@kw.com.

Listed to Sold in 59 days or less

View Tacoma homes for sale and Seattle homes for sale at 59days2sold.com. View my previous blog posts at www.seattleshortsalesagent.com.

Short Sale Realtor. Short Sales. Realtor. Tacoma homes for sale. Seattle homes for sale. Tacoma short sale agent. Seattle short sale agent, Seattle, Tacoma, Seattle Short sale, Tacoma short sale, Seattle short sales, Tacoma short sales, Avoid foreclosure, stop foreclosure, home values, tacoma home values, seattle home values. HAFA program, HAFA

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Nathan Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma.

 

This information on  Short Sales: Are Lenders So Desperate They Will Accept Any Offer is provided as a courtesy to our viewers to help them make informed decisions.

Short Sales: Why Should I Pay Double For My Home?

Seattle and Tacoma,WA –Hi! This is Nathan Olotoa with 59days2sold.com and www.seattleshortsalesagent.com and I specialize in short sales in the Tacoma and Seattle areas.

– The Stop Foreclosure Institute recently received a question from Luis. Here is Luis's Question.

"I am working on a loan modification on my home. I just don’t want to be upside down and want a fair interest rate. Why should I pay on a mortgage that is twice as much as my home is worth, plus the interest on that mortgage? It just doesn’t make sense.

How can I get a loan mod with a fair interest rate where I am repaying what my home is worth today? Thank for your help, Luis.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here was our answer. You are asking for something that most lenders don’t like to do. Lenders don’t like principal reductions. Here is why.

Principal reductions usually have to be written down right away on their financial books. If you owe them $300,000 and they reduce your loan principal to $150,000, then they immediately have to reduce the company’s earnings by $150,000 for the year.

If they do that on enough loans, then it hurts the CEO’s ability to get a bonus. He may even risk losing his job. I don’t offer much sympathy to CEOs, but that’s how it works.

Here is what lenders like to do instead. They will reduce your interest rate to 2% for 5 years. After that, the interest rate will go back to the original level.

That way the write off will be much smaller than $150,000. It might be a $30,000 write off. That makes a much smaller difference on the CEO’s bonus for the year.

It’s also one of the reasons that most loan mod programs don’t work. The banks aren’t willing to be realistic.

It’s also why I think a short sale is the best principal reduction plan. You get to erase the bad debt. Rent a home for 2-3 years and then buy a new one at today’s market level.

That way you guarantee your principal reduction and don’t waste time arguing for a principal reduction with someone who isn’t allowed to give it to you. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at asknate@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 253-310-1177.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Nathan Olotoa.

Nathan is a Real Estate Broker at Keller Williams-Tacoma. Short Sales Realtor

Phone: 253-310-1177. asknate@kw.com.

Listed to Sold in 59 days or less

View Tacoma and Seattle homes for sale at 59days2sold.com. View my previous blog posts at www.seattleshortsalesagent.com.

Short Sale Realtor. Short Sales. Realtor. Tacoma Homes for Sale. Seattle Homes for Sale, Seattle Short Sales. Tacoma Short Sales. Loan Modifications. Tacoma Short Sale Agent. Seattle Short Sale Agent.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Nathan Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma.

This information on Short Sales: Why Should I Pay Double For My Home is provided as a courtesy to our viewers to help them make informed decisions.