David Monroe's Real Estate Blog

February 2010 - Posts

• Foreclosure Process and Timelines in Washington State

  Washington State is a non-judicial foreclosure state, meaning that the lender is not required to sue the borrower in default in order foreclose. Most home loans in Washington State are based on a deed of trust (mortgage instrument) with a “power Read More... Posted Friday, February 26, 2010 1:17 PM by David Monroe | 4 Comments Filed under: foreclosure

• The Pre-Approved Short Sale Fallacy

  I’ve received many calls from prospective buyers interested in my short sale listings asking if the listing price has been approved by the bank. On a short sale, the seller owes more than their house is worth, so the seller’s lender(s) must Read More... Posted Wednesday, February 24, 2010 2:40 PM by David Monroe | 2 Comments Filed under: Short Sales

• Unlicensed Third-Party Short Sale Negotiators - Washington Department Of Licensing’s Official Stance

  Many real estate agents in Washington State use unlicensed third-party negotiators to handle their short sales. I have always discouraged that practice (see my March, 2009 blog post, Is Your Real Estate Agent Breaking The Law? ). The Washington State Read More... Posted Thursday, February 11, 2010 1:35 PM by David Monroe | 1 Comments

• Is There Such A Thing As An Unsellable House?

  Is there such a thing as an unsellable house? There’s a wealth of information available on preparing and staging a house to sell, but what about situations where the house can’t be properly prepared or fixed up to sell? I work a lot with short Read More... Posted Monday, February 8, 2010 12:30 PM by David Monroe | 1 Comments Filed under: Selling

• Would You Give A Loan To This Buyer?

  Consider this scenario: You paid off your house a few years ago now you’re selling it for $300,000. You figure that you would make a better return on your money by offering owner financing instead of cashing out and investing the money somewhere Read More... Posted Saturday, February 6, 2010 6:49 PM by David Monroe | 2 Comments Filed under: FHA

• How To Fix The Short Sale System

  We’ve all seen the horror stories relating to short sales, and some of us have experienced them. As a short sale specialist, I often times find myself questioning the logic of banks. The government has even stepped in on occasion, passing legislation Read More... Posted Saturday, February 6, 2010 6:46 PM by David Monroe | 1 Comments Filed under: Short Sales

• Bank's Actions Defy Logic

  I specialize in short sales, and I’ve observed many actions by banks that seem to defy logic. This particular experience is no exception. A while back, I had a short sale listing that was being negotiated with the bank at $300,000. The buyer ended Read More... Posted Saturday, February 6, 2010 6:39 PM by David Monroe | 1 Comments Filed under: Short Sale Lenders

• Short Sales And Lenders - Do You Know Who Your Lender Really Is?

  If you were asked who your lender is—who actually owns your mortgage, what would your answer be? Your mortgage statement may come from Wells Fargo, Aurora Loan Services, Select Portfolio Servicing, or some other lender, so they must own the loan, Read More... Posted Saturday, February 6, 2010 6:35 PM by David Monroe | 1 Comments Filed under: Short Sale Lenders

• Can Investors Help Stop Foreclosure in Seattle?

  Can investors help stop foreclosure in Seattle? There are many real estate agents and investors offering to help stop foreclosure in Washington State. Have you been approached by an investor claiming that they can help you stop foreclosure ? The general Read More... Posted Saturday, February 6, 2010 4:18 PM by David Monroe | 1 Comments Filed under: Stop Foreclosure

• Do You Qualify For A Short Sale

  Do you qualify for a short sale? You may have determined that you wouldn’t be able to sell your house for a high enough price to pay off the existing mortgage(s), and you’re now considering a short sale. You may be in foreclosure or just one Read More... Posted Saturday, February 6, 2010 4:08 PM by David Monroe | 1 Comments Filed under: Short Sales