RELO’s Forced to Lease or Sell Short

jimstjohn — Wed, 27 Aug 2008 17:00:35 +0000

The Seattle Real Estate Market is a bit dicey of late. I have been dealing with a few clients who need to sell because of a job transfer or are moving out of the area for other reasons. They list there homes while making plans to move and buy at there new location. They look up properties on the internet and see wonderful prices for more home than the could imagine. They could never get that much house around Seattle without a huge commute. Mean while there home sits on the market without even one showing or a single phone call….hmmm. What the hell is going on here??? they ask. I even had one client who said she is paying me to sell her home for what she wants and that if I couldn’t do it she would find an agent who could. OK lady I can gladly recommend an agent who specializes in over priced listings that don’t sell.

In this monster buyers market that we are currently in, its all about PRICE PRICE PRICE oh and the house needs to be pretty much a cream puff too.

We keep dropping the price to try and attract a buyer. Down Down Down goes the price. We have to move now! My new job won’t wait much longer. If I can’t sell, I have to keep making the payments, I have to move and rent in my new city….I can’t afford to do both. If I sell short I will loose all my equity. My house is not worth what I paid for it 2 years ago. This really sucks, how am I going to get out of this mess.

So what can these RELOS do when there home just sits and sits.

The rental market is very strong in the Seattle Real Estate Market from a landlord perspective anyway. Rents are up across the board. But if they need the cash to re-purchase in there new location then renting is not a very good alternative!

They can return the home to the bank with a Deed in Lieu of Foreclosure or just walking away and let the bank Foreclose, either of which will just demolish your credit score. (Good luck buying or even renting in your new city with your credit score in the toilet)

Selling Short seems to be the only alternative that will more or less keep their credit from being totally destroyed. (Providing they kept their payments up) Getting their bank to agree to a Short Sale is no easy matter and should be left to professionals. This may be the best alternative and you have to keep in mind that you most likely made a killing on your last sale when you moved here. So you had the privilege of using your profit for a while and now it’s time to give it back. Maybe the market will improve and you can use it again someday. You bought in an up market and now you have to sell in a down market. Oh well that’s the way the pendulum swings I guess. You can’t cry over spilt milk…it’s just things and things can be replaced

Now buyers on the other hand

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The current Real Estate Climate of the Puget Sound

RELO’s Forced to Lease or Sell Short