Washington State Short Sale Frequently Asked Questions

Lenders typically require proof of financial hardship, such as loss of income, medical issues, divorce, or other circumstances. Each case is reviewed individually based on your financial disclosure.

Yes. A Washington State short sale does not automatically stop foreclosure. Timing is critical, and lenders may continue foreclosure proceedings while reviewing a short sale request, which is why prompt action is important.

If you work with Symmes Law Group, we handle communications and negotiations with the lender on your behalf, so you don’t have to deal directly with the bank.

Not always, although it is advisable to demonstrate a hardship. If you are current on payments, the lender doesn’t have a good reason to grant your short sale. While many involve missed payments, some lenders consider a short sale if you can demonstrate imminent hardship and an inability to continue future payments.

In most cases, the lender agrees to waive the remaining balance after the sale, but this must be clearly stated in the approval documents. Attorney review is important to ensure the deficiency is properly addressed.

Yes. We can negotiate with your lender no matter the location of your property and have the ability to co-list properties throughout the state of Washington.  

Short sales can take several months, depending on the lender, number of liens, and responsiveness of all parties involved. Delays are common, but proper preparation can help move the process forward.

A Washington State short sale involves listing and selling the property, so listing on the Multiple Listing Service is required so that the property is an arms length transaction and gets the maximum exposure to potential buyers. We can work with your chosen agent or co-list with an agent that is experienced in short sale transactions that we work with on a regular basis.  

What is the short sale Process with Symmes Law Group, PLLC?

1. The first step in the short sale process is to have a consultation with a short sale attorney who can go over your situation and goals for the sale of your property.
2. After the consultation we can send you intake information to complete for your lender which includes a hardship application and list of documents to gather up such as paystubs, bank statements, tax returns and completing a hardship letter that we can advise on.
3. We can also work with your real estate broker or a broker we work with to schedule a time for them to contact you to discuss the property and listing.
4. Once we have an offer on the property we will submit this to the lender and begin negotiations and request additional information the bank may require.
5. The bank typically conducts their own appraisal on the property and either accepts the offer or counters the offer that is submitted to the buyer to consider.
6. If the offer is accepted the seller will send over a packet of information that will need to be signed in coordination with title and escrow and the transaction will be closed.

We guide clients through the Washington State short sale process by handling lender communications, preparing documentation, negotiating with lenders and lienholders, coordinating with agents and buyers, and reviewing approval and closing documents.