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New: Short Sales

Posted on Oct 23, 2015

Facing a foreclosure can be scary, and it’s easy to feel trapped and helpless if you’re in danger of losing your home. Even worse, you’ll feel like you’re losing your dignity as a self-sufficient adult. However, while things may seem hopeless, it’s important to recognize that there are alternatives to foreclosures. A short sale is one of the best of these alternatives.

What is a Short Sale?

A short sale refers to the process of selling your home for less than the balance of your mortgage. Short sales require the approval of your mortgage company, but, if you are approved, you’ll be able to sell your home and pay off either part or all of your mortgage, depending on the results of your particular situation.

What are the Benefits of a Short Sale?

It goes without saying that applying for a short sale is not an ideal situation. No one wants to face foreclosure, and no one wants to part with his or her home for less than is needed to pay off a mortgage. That said, there are many benefits to short sales, and they can help you escape and recover from stressful situations.

The most obvious benefit of a short sale is that it allows you to avoid foreclosure. Foreclosure strips away your dignity as a homeowner. Even worse, a foreclosure will stay with your credit record for ten years, and you won’t be able to buy a new home for seven years, meaning you’ll be forced back into renting. With a short sale, you’ll still be selling your home, you’ll be able to pay back some of your mortgage, and you’ll also be eligible to buy another home after two years. Additionally, while your credit will still take a hit with a short sale, the effects won’t be as dramatic as the effects of foreclosure, and you can start building good credit again more quickly. Even better, in some cases you may be eligible to receive some financial assistance for relocation. Depending on the situation, you could walk away with as much as $10,000 in relocation assistance. As you can imagine, that kind of cash makes a huge difference in building a new life and minimizing  stress levels.

Finally, a short sale enables the homeowner to retain more control over when he or she lets go of his or her house. Rather than waiting to be forced out by foreclosure, a homeowner can choose when to leave, when to end a difficult period in his or her life, and when to move on to a better future.

What are the Benefits of Working with Pickett Street?

Each short sale is unique, and so the same solution is not going to be applicable in all situations. Working with Pickett Street ensures a unique consultation for each short sale. As a matter of fact, Pickett Street has a short sale specialist, Fred Bauscus, who focuses solely on helping beleaguered homeowners navigate short sales. Since its inception, Pickett Street has listed hundreds of short sales and, since joining Pickett Street’s team four years ago, Fred Bauscus has closed 65 short sales, an average of 16 per year. That said, the team at Pickett Street doesn’t close short sales to fulfill numerical quotas; instead, they view a short sale as an opportunity to fight for a homeowner and help him or her escape from a burden. This idea is illustrated by the fact that, if the homeowner doesn’t live in Pickett Street’s region, the team will still help that individual find a qualified realtor in his or her area. This individualized, humanistic approach is consistent with Pickett Street’s general philosophy as a whole, and it’s what makes working with them, whether you’re buying a new home or finalizing a short sale, a superb experience. It’s hardly a surprise, then, that Pickett Street’s customers are always satisfied:  

“Thank you so much again for all your hard work, and your patience. Your communication and assistance with understanding the process made it very easy to trust and in turn be patient as well through this long sale.  You guys were amazing and truly made this process painless…and dare say enjoyable.”  – Wendy T.  Lynnwood, WA

For information about consulting with Pickett Street for your short sale, call (425) 502-5397, or email


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