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Short Sale in Seattle! This one is a must read to the end!!!  We just funded one of our listings that was a Reverse FHA Mortgage Short Sale! Wow this one was a fascinating real estate transaction, having to do with an estate of the family, with lack of probate and everyone having to do a quit claim deed to give the executor the power to honor the final closing documents to record.

We have found many items to be aware of working on this transaction, such as when a deceased person has a reverse mortgage the heirs have a limited time to decide on what they will do with the property, the senior exemption status and how the taxes are handled and who and how to take care of this.

Through this process we had numerous liens pop up on at the last minute as title kept having to do what is called a "date down" to make sure the title could be as current as possible so when the funding of this transaction could occur the new buyer would have a clean and clear title to be conveyed over in their name with no outstanding liens or clouded title.

We even had one judgment show up from the state court system and had that get released as there were no funds going to the estate or any of the family members.

One of the most amazing intregal parts of this transaction was how the entire family all came together to do what they felt would be the best way to honor their mother, and that was to allow for the Short Sale, instead of letting the property go to foreclosure, they all said that this is what their mother would want done, and they all worked hard to make it happen.

I had never heard of anyone doing a Reverse Mortgage Short Sale and the lien holder even told us that this is very uncommon to have this happen too, but as property values decline, and the mortgage grows in balance every month as time rolls by, this is a newer trend they are beginning to see.

Our team now knows what to expect and how to handle most of these issues, hope they all will not be so complicated, but we are/were glad to be of help.

If anyone is seeking help on a short sale please go to our contact us page, put in your information, and we will be in touch. All inquiries are strictly confidential.

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