Wasilla & Palmer Foreclosures, Short Sales, REO’s, Bank Owned: Curious about what all of these terms mean?

When a seller stops making their house payment, the note holder (typically a mortgage company) files a notice of foreclosure. Typically this foreclosure process takes a minimum of 90 days and usually takes longer. Once the foreclosure is complete, it becomes an asset owned by the note holder who then typically lists the house with a Realtor. The home is typically referred to as a Foreclosure, REO or Bank Owned property. If, prior to a foreclosure being completed, the seller sells the house and the sales price nets the note holder less than the amount owed; that is referred to as a short sale. Short sales are becoming more common as banks and mortgage companies work to avoid getting more homes back through foreclosure which always costs them more money.

As a wave of real estate bad news scatters across the country, foreclosures and short sales were bound to catch up with us here in Palmer, Wasilla, and Anchorage or anywhere in Alaska really. We haven’t seen foreclosures and short sales to this degree for over 20 years. I am amazed at the amount of short sales, distressed properties and foreclosures that are now showing up in our neighborhoods.

In order to keep ahead of this ever-changing market, I have recently obtained my designation as a CDPE, Certified Distressed Property Expert©. If you know of someone who needs help with any of the above… please pass this along and have contact me because foreclosure is not their only option.

These issues are appearing in all price ranges… from $100,000 to $1 million… with Sellers and Buyers in every neighborhood. An important thing I learned is to “stay out of judgment”…”sometimes bad things do happen to good people”.

Kristan Cole, CDPE