Whatcom County has hundreds of Short Sale and REO (also known as "Real Estate Owned" or "Bank Owned") listings on the market at any given time - these range from starter homes in newly developed communities to custom homes priced well into the millions. Buyers can find short sale homes for sale and REO listings in Bellingham, Blaine, Birch Bay, Ferndale, Lynden, Everson, Nooksack Valley, Sudden Valley and even near Lake Whatcom & Lake Samish areas of Bellingham as well. Whatcom County has seen a 25% increase in short sale properties come on the market in the last year, so there are opportunities for home buyers that have the patience of a longer closing time.
Buyers and investors who approach each Whatcom County short sale and REO listing on its own merits will find the best deals faster. REO and short sale homes are commonly lumped together because they relate to foreclosures, but they are quite distinct from one another. Short sales happen before a property goes to foreclosure, while REO/Bank Owned properties are sold after the home is foreclosed and the bank or lender takes control of the property. Short sales also typically involve the homeowner and/or their agent getting lender approval to sell below what is owned to the bank(s), while REO sales are usually direct negotiations with the lender and the real estate agent for the investor or potential buyer.
Are the number of short sales rising and why?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the united States, the number of short sales is steadily increasing. Short sales generally cost less for a lender than a typical foreclosure, for that reason it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for homeowners who are upside down on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
What difficulties have short sales been for real estate agents?
The rapid increase in the number of short sales, and the short sales process itself present a number of challenges for real estate agents. It is truly one of the most challenging real estate experiences I have ever faced in the past 17 years of being a Realtor. Major short sale challenges include:
Jerry Campbell, CRS, e-PRO, GRI
Full Time Professional REALTOR®
The Muljat Group - Main Office
510 Lakeway Drive, Bellingham, Washington 98225
Business: (360) 739-7779 Fax: 671-4124
Email: Contact Jerry
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