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.

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 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.

Tacoma Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency?

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 Max. Here is Max's Question.

"If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount? Max."

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

Here is the answer to Max's Question: Yes, the Mortgage Insurance should pay your lender for any loss. So that reduces the amount that your lender will lose on the short sale.

There are a couple of problems. Many Mortgage Insurance Companies have gone bankrupt. They can't pay on their claims.

In this situation your lender may or may not pursue you for the loss.

(I've written extensively on deficiencies on other blog posts. In 60-75% of all short sales, you won't owe a deficiency. E-mail me at asknate@kw.com and I can research your specific situation.)

The other problem is that many Mortgage Insurance Companies have terms written into the mortgage that they can pursue you for the loss.

They are more aggressive with trying to be repaid. In the few short sales we have negotiated and the lender asked for a promissory note, the person requesting it usually was the Mortgage Insurance Company.

But, they only ask for a promissory note about half the time. In addition, the promissory notes are usually for an amount lower than the loss.

For example on one short sale, the loss was around $59,000. The seller agreed to a promissory note of $10,000 to be repaid over the next 10 years with Zero Interest. Their Monthly Payment was $83.33.

We won't know if they will ask for a promissory note until the short sale is in progress. If you know you have Mortgage Insurance, then you need to find and aggressive short sale agent

They will work to get an promissory note or deficiency waived. 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.

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 Tacoma Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency? 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.

What you can expect during and after the Short Sale Process

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.

– Here are a few things you should not be surprised to see crop up during the short sale process.

Unscruplous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value.

The most commons unsecured debt is a credit card. When you stop paying them, they will call you nonstop. The reason is because they don’t have any other way to collect from you.

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

They can’t come get your car or take your house. So, they make up for that by blowing up your phone with harassing calls. In addition, they use deceptive tricks to get you to pay them.

For example, there are Federal Laws that regulate what they can do or say. They aren’t allowed to threaten to sue you, but then not follow thru and actually file suit.

To get around this rule, they will use language that sounds legal, but isn’t. In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O’Brien to make it sound like they were a law firm.

They would then leave messages on people’s answering machines. They would say they were with the office of Hoffman, Weinberg & O’Brien and then say they may resort to future legal action. In addition, they would reference case number 8306042.

If you didn’t know any better, you would think the case number was for an actual lawsuit against you. That is scary. Don’t you agree?

Most credit card accounts never sue (despite the constant threats.) Even when they do sue and get a judgment, they rarely ever attempt to garnish wages.

A lot of judgments expire without getting paid. But, a lot of them get paid off when a person’s income increases, or that person sells a valuable asset such as a house.

It might seem like the process takes a long time. Some short sales only take a few months. Before you know it you are moving out of your house and onto the next place.

However, some short sales will take a lot longer. We have some files that we have been working on for a year or even longer.

It’s not the end of the world. Just stay put and keep on saving the money you would be using for rent. In most cases the short sale will eventually be approved and you can move on with your life.

Your lender may attempt to collect money from you when they aren’t legally entitled to do so. We have heard several stories of some lenders asking for a promissory note when the state the property was in did not allow the lender to pursue the homeowner after a short sale.

The stories in question were for short sales of properties in California and Washington. Don’t sign a promissory note a lender sends you after a short sale when you are in a non-recourse state.

Talk to a lawyer to see if you are obligated to repay the debt. You could probably get out of repaying it if you tried. 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 sales 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.

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: How To Convince A Lender To Waive A Promissory Note

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.

  – Some lenders are very stubborn about collecting what they feel they are “rightfully owed.”

These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank.

Another common type is loans that were granted with Private Mortgage Insurance. In our experience, these companies are very demanding.

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

They negotiate hard and say they will not approve a short sale without a promissory. However, that is not always the case.

You can often convince them to waive the deficiency if you do the following.

1. Prove to them that you don’t have any assets or any extra monthly income.

2. Prove that your home is worth what the buyer is offering on theshort sale. This is your agent’s job to do. Your agent will put together an agent’s version of an appraisal.

This will include comparable sales and what your property is worth, based on those comparable sales. Your agent will show them that they are better off accepting the short sale.

If you have presented your case well and the lender buys it, then they will usually waive the deficiency or promissory note and accept what they can get. After all, something is better than nothing. Make sense?

Another option is to hire a good lawyer to negotiate for you. Look for a lawyer with experience in bankruptcy.

They can use the threat of bankruptcy to convince the lender to approve the short sale with the deficiency waived. Bankruptcy is very bad for creditors.

If you declare bankruptcy, then it could take 12-18 months before the lender can sell the house. Their right to collect from you would be wiped out in bankruptcy.

A short sale where they get their money today is a much better option. That’s why they’ll usually take that option when threatened with bankruptcy. 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 sales 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.

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: Are Lenders So Desperate They Will Accept Any Offer?

  – Have you heard the following myths about short sales?

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.

Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit.

Myth #2: Foreclosures, short sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no money down.

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

Myth #3: Lenders will accept any short saleoffer even if it is for only 50% of what the home is worth. After all, they don’t want a foreclosure on their books.

These myths are just not true. Lenders are willing to foreclosures on properties. They have entire departments handle the sale of properties that they have foreclosedon.

Another foreclosure is nothing to fear. At the same time, they do prefer short sales. Short sales are known to reduce a lender’s loss compared to a short sale.

They have high paid actuaries who have run the numbers and proved that to be the case. That means they take a pragmatic approach on short sales.

They want to make sure that he short sale offer isn’t lower than what the home would sell if they foreclosed on it. That is why they order an appraisal before accepting the offer.

They won’t agree to a sale if the offer is for substantially less than the appraised value. If the offer is 5% lower than the appraisal, then they might accept it.

If it is substantially less, then they will ask the buyer to raise their offer to the appraised value.

Another thing lenders check before approving a short sale is that they aren’t approving a short sale for someone that is able to afford their home.

They don’t want to lose money on a short sale when they can make money when the person repays the loan. 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 sales 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.

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: Who is in charge during a 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.

– Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.

The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that?

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

Until the lender forecloses on the home the home owner is in the driver’s seat. They “own” the property until the lender forecloses.

We have had many buyers get angry that a home owner would not accept their lowball offer. “You have to submit my offer to the lender. If you don’t then that would be fraud”, they tell the home owner.

You, the home owner are in charge. That means that you can make the following decisions.

You are allowed to pick the buyer’s offer that you think the lender will be most likely to accept.

You are allowed to turn down offers that you don’t like for whatever reason. (Maybe the buyers are too picky about the home and want you to make repairs.)

You are allowed to turn down offers if the buyer is not pre-approved for a loan. In addition, you can ask the buyer to inspect the property before they write a contract.

You are allowed to ask for an earnest money deposit to make sure the buyer is serious about the house.

It is your right to do these things for as long as you own the property. Don’t let anyone tell you otherwise. 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 sales 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 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: Who is in charge during a short sale is provided as a courtesy to our viewers to help them make informed decisions.