Purchasing a Short Sale Home for sale in Vancouver Washington using Cash
Recently a new client of ours wanted to move from the Tacoma area and purchase their retirement home in Vancouver Washington to be closer to their children and grandchildren.
Being retired, they wanted a One-Level Ranch Style Home for a great price. They had seen many good possible targets in our advertising and on our website, and we started sending them more listing hot-sheets in more specific neighborhoods and a tighter price range.
Since their home in the Puget Sound area was owned free and clear, our clients had the option of:
Given that they wanted to sell their existing home within the
next few years, they opted for an equity line of credit loan to
make them a Cash Buyer for their Vancouver Home.
How long does it take a short sale bank to make a decision?
Our clients were excited that their offer had been accepted by
the seller, and they had also been coached that it could take
several weeks or more to have a decision from the short-sale bank.
When the listing agent told us the lending bank was GMAC, we then
knew the wait period would likely be much shorter. Turns out we had
a verbal green-light in two days, and paperwork in about 7 more
days. Early the following week our client's had hired Pillar to
Post to conduct the home inspection - with relatively clean
In this home purchase our clients saved a ton of money by
leveraging their existing home's equity into a Cash Purchase at a
price that was less than competing buyers using low-down financing!
Sure they are paying interest on their equity line of credit loan
however, the savings they made on their purchase will more than
offset the interest they must pay!