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Karen Mcknight

  • 8 Helpful Answers
  • 80 Answers
Agent at Keller Williams Realty NWREA
Experience:
Associate Broker for Keller Williams Realty NWREA February 2006—present
Sales Agent with a Broker's license which I have held since 1987.
Agent Trainer / associate Broker for Windermere Real Estate September 1989—August 1998
I taught classes for Windermere's new agent training program and was a top producing Sales…
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Specialties:
Types of Real Estate: Residential Real Estate, Condominiums, Land Development, New Construction
Specialties: Relocation, Real Estate law as a licensed
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Certifications
& Awards:
President of Certified Residential Specialists, Washington Chapter for 2010.
CRS Designation - have held since 1987, a designation earned by only 4% of
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Interests:
Art, Reading, Movies, Plays, Travel anywhere in the United States and the World.
About:
I am a knowledgeable, enthusiastic, extremely capable Realtor and have successfully sold residential real estate in the thriving Seattle area since 1983, ... show more
Testimonials:
"“We appreciate your professionalism and expertise. Maybe more important in the long run is your friendship and lovely manner in which you always conduct ... show more
Karen Mcknight answered:
Dear Heaven123,

My expereince with Short Sales is that all banks vary in their policies. It sounds as if the bank wanted the per diem and when you did not accept it, they did give you a week with no per diem to get your ducks in a row.

Ideally you got a lot of details done, like the inspection and appraisal as soon as you got the word that the bank approved your short sale. The unofficial approval is often an email a week or so before you get the official Agreement to your Short Sale. I have found it prudent to take the risk to move forward and get the inspection (if you have one) and the appraisal in the gap before you get the official Approval.

Yes, we are seeing very short time frames for closing dates on Short Sale Approvals, so move as fast as you can and then, hopefully your agent has great rapport with the Bank's negotiator, and you can buy a few more days until closing if you need them.

In your case, because of the per diem, you will be paying for extra days. It is difficult, but still possible to get sales closed in about 25 days. As new regulations kick in starting January 2010, closings will take longer.

If the bank gave you their Short Sale with a per diem, that is how it will be, if you want to close on this property. Banks seem to be very motivated to get these properties closed by the end of the year.

Remember, in a short sale, there is a seller losing money and a bank losing money, and an interest clock ticking. The per diem helps the bank, and thus the seller, cover costs, and it motivates you to close as soon as possible.

Good luck, and move fast if this is the property you want.

Warm Regards,
Karen - Tue Dec 22 2009, 20:04

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