3 Reasons To Ask Your Realtor For A Lender ReferralYou are one in a million if you have enough cash to buy a home! For most people getting pre-approved for a home loan is one of the first steps in
Vancouver WA Short Sales Explained
What is a short sale? - Most common cases are the seller selling the home for less than what is owed, or behind on payments and in foreclosure. There are many steps when purchasing a Vancouver WA short sale, which in turn can take anywhere from 60 days to a year or more. Things to be prepared for when buying a short sale in Vancouver, WA:
- If you are interested in a short sale, be prepared to wait at least 60 days for bank approval.
- Once approval from the seller’s lender is received, the typical time frame starts for your financing, which is another 30-60 days.
- Your EM deposit, home inspection and other inspections (well inspection, septic inspection, and radon inspection) do not have to start until you have written approval.
- Most Vancouver WA short sale homes are sold as-is, where-is with no repairs... period.
- The buyer may have to pay for all inspections including well and septic. On a normal transaction including a bank owned home, these can be negotiated so that the seller pays for these specific inspections... not on a short sale listing.
Another common issue is a short sale with a bankruptcy. This almost always requires the buyer to pay an additional $15,000.00 carve out fee at closing. This cannot be added into your home loan, and will need to be paid out of pocket. However, there are some credit unions that will finance this $15,000.00. These have similar timelines and scenarios as stated above, and maybe even more complex in some cases.
Often short sale homes can be worth the wait and risk of upfront fees. If you are not in the position to take the risk of these out of pocket expenses, and do not have or want to be tied up to a property for at least a few months.... I do not think a short sale is for you.
It is very important to have a Real Estate Agent representing you who understands the process, contracts, and common ordeals with short sales. You need to be able to ask your agent questions, so they can help you decide how to proceed. All short sales are different and unique in their own way.
Tired of looking at short sales in Vancouver WA?
Here is a list of non-short sale properties in Clark County!