Mary M. Burson
Phone:
360-271-1977
Mobile:
360-271-1977
Fax:
253-857-8700

Email


Office:
Gig Harbor
11515 Burnham Drive NW
Gig Harbor, WA

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Mary M. Burson
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Welcome to Mary M Burson's website!

A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door. And the way you can instantly envision your life unfolding there.

This is about more than real estate. It is about your life and your dreams.

Different by design

Keller Williams Realty takes a different approach to real estate, one that is built on personal touches, win-win deals and positive results.

Mary Burson utilizes the latest technologies, market research and business strategies to exceed your expectations. More importantly, we listen and that means we find solutions that are tailored to you.

How can I help

Thanks for starting your real estate search with me. This website is full of information for you whether you are looking to buy or sell.

 After you have had the chance to review this information, contact me

so I can tell you more about how I can help.

I appreciate the opportunity to earn your business.




Distressed Properties FAQ

DISTRESSED PROPERTIES FAQ

1.What is a Short Sale?   A "short sale", also known as a "short pay" or "pre-foreclosure" occurs when a lender agrees to accept less than the amount owned on the original note or total payoff, as an alternative to foreclosure.  We can convince lenders that they will do better if they take less than what is owed now rather than taking the property back by foreclosure and trying to re-sell it.

2. How long will it take?  The short sale negotiation process can be rather lengthy. It may take several weeks to several months for approval. May lenders will have several layers of bureaucracy, insurers and investors that we will have to maneuver through in order to get the short sale approved. It is important to be patient during this process.

3. My house is going into foreclosure! Do I have enough time? Maybe, maybe not. Just starting a short sale will NOT
automatically stop a foreclosure. However, many times we can convince the lender to stop the foreclosure to let us attempt to negotiate a short sale. While there are no guarantees, it is certainly worth the risk.

4. Can I stay in the house? The key word to short sale is "SALE". The purpose is to get the property sold. This is not
a process that will help you keep the house indefinately. Moreover, it will be easier to sell the house if it is vacant. Therefore, you should most certainly make plans to vacate the property.

5. How do I know this will work?  Again, there are no guarantees. We cannot, have not, and will not make promises to you that this will work. Once you miss a payment, the lender is in charge and can proceed to foreclosure if they want to. We know that they do not want to and we are very good at presenting alternatives to the lender that they often want to accept as opposed to moving forward with a foreclosure. We are very proficient at what we do, but NO GUARANTEES are being made as to whether or not the lender will accept the short sale.

6.Will I get money from the sale? No. A universal requirement of lenders in granting a short sale is that the borrower will not get any proceeds from the sale of the property. Being the lender is taking the loss on your loan, they are most certainly not going to allow the seller to profit from the situation.

7. What happens if this doesn't work? Your house will most likely go to foreclosure. A short sale is something we try after you have exhausted your other options.

8. What is a "release"? A lender may offer a release. This is a security insturment against the property in exchange for less than the total amount of the note. A release will allow the property to be sold without paying off the obligations of the note. However, the note is NOT SATISFIED. Advantages: This successful short sale will allow the property to be sold and thus avoid foreclosure. Disadvantages: The remaining debt on the property (sometimes called a deficiency) still exists. In other words, you are still liable for the note and still owe the money to the lender. Reality: It is not likely the lender will pursue the deficiency unless you have other significant assets. However if you chose not to try the short sale before going to foreclosure, and then you end up going to foreclosure, it will result in you having a deficiency anyway.

9. What is a "satisfaction"? A lender may agree to accept less than they are owed as complete and total satisfaction of the note and release its lien against the property. Advantages: Your note and obligation to the lender are satisfied for less than you owed. When the property is sold, the debt is paid off completely. Disadvantages: You may have some tax consequences that you should discuss with your tax advisor due to the fact the lender is making money you owe them disappear. Sometimes our negotiations are successful in obtaining a satisfaction. Although, theere are other times where the lender will only negotiate to a release.

10. How can I help? The lender will require a review of a financial package. The leading cause of delay and even denial of our offer to the lender is caused by the seller failing to cooperate and /or deliver the neccessary items in a timely fashion. To help us succeed, please find as much of the information as you can in advance. This will help us work faster and increase your odds of a successful short sale

What about Bank Owned Properties

INFORMATION ON OFFERS FOR REO PROPERTIES

 

This document was prepared to be an informative guide when writing an offer on a "Bank Owned" or Corporate owned property, (Otherwise known as an REO). It is not intended to be a binding agreement. The information contained herein is designed to create an informed consumer and to lessen the stress of the home buying process for the Purchaser, Buyer's Agent, and Listing Agent. Please review these items with your buyer prior to offer submission. All your questions should be answered within this document.

Please read it carefully before contacting us with more questions.

 

 

WE WANT YOU TO GET YOUR OFFER ACCEPTED! PLEASE FOLLOW THESE GUIDELINES TO HAVE THE BEST CHANCE AT GETTIING YOUR OFFER ACCEPTED THE FIRST TIME.

 

 

 

 

The REO process is much different than a typical retail sale. The seller calls all the shots and we go along with it to make for a successful close. Some terms may be deleted from the usual contract and some terms may be added that you may not be familiar with. Please understand this. We cannot change the process,nor do we complain about it. I am the Sellers agent, but I do not have any power or say as to what the terms are. I have no negotiating power or influence. I am simply a conduit between seller and buyers agent.

PLEASE, PLEASE, PLEASE do not cause this sale to be extended. Close of escrow date is extremely important to banks and typically a financial penalty is imposed upon the buyer and buyer's agent if the escrow does not close on time. It is imperative that you stay on top of all inspections, appraisals, contingency removals, and the lender to get duties performed in a timely manner.

 

 

THIS SALE IS DIFFERENT IN THAT THE SELLER IS A MULTI BILLION DOLLAR LENDER. THEY LIKELY WILL NOT NEGOTIATE AFTER THE RATIFICATION OF OFFER. NEGOTIATE ALL TERMS PRIOR TO RATIFICATION TO MINIMIZE PROBLEMS DURING ESCROW. BANKS DO NOT APPRECIATE NON SERIOUS BUYERS. PLEASE BE ABSOLUTELYSURE YOU ARE READY AND WILLING TO GO THROUGH WITH THIS PURCHASE. WE ARE NOT INTERESTED IN LOOKING AT LOW BALL OFFERS OR BUYERS ATTEMPTING UNLAWFUL OR "SHADY" DEALS. THEY MUST BE QUALIFIED FOR ANY BORROWED FUNDS OR HAVE THE FINANCIAL ABILITY TO PAY CASH. THEY MUST BE MADE AWARE OF THE REO PROCESS. DO NOT PRESENT OFFERS WITH THE INTENTION OF RENEGOTIATING LATER. YOU SHOULD BRING YOUR HIGHEST AND BEST OFFER THE FIRST TIME. ALL PARTIES INVOLVED ARE EXPECTING TO CLOSE EVERY OFFER THAT IS RATIFIED. PLEASE BE SURE THAT YOU ARE PREAPPROVED FOR FINANCING PRIOR TO SUBMITIING AN OFFER. DO NOT CHANGE LENDERS, LOAN TERMS OR PROGRAMS WHILE IN ESCROW.

 

Expectations & Timeline of a Short Sale

Expectations & Timeline of a Short Sale


Marketing Your Home: Your home will be shown to both investors and traditional buyers. During this process, your property may be shown several times a day in some cases. The goal is to get the highest and best offer in the shortest time possible. Those viewing or calling to view your home will have been instructed not to bother you with questions regarding the short sale so as to not put any additional stress on you.

The First Offer: Once an offer is received, I will schedule an appointment for you to come and sign the purchase agreement. This should only take about 5 minutes. Although, you do need to sign one offer, your property can attract multiple offers. Towards the end of the process, when the lender accepts an offer, you will need to sign that offer in order for us to open escrow.

The Process: Once we have sent the offer(s) to the lender(s), the actual process can take anywhere from 4 weeks to 4 months. This timeline varies with each lender. I will keep you
informed on a regular basis as to any new developments in the process.I do spend a great deal of time negotiaitng a successful transaction with your lender. Know that I will return all calls within 24 hours to give you an update.
After the lender reviews the short sale package, a BPO (Broker Price Opinion) will be ordered by the lender. This is similar to an appraisal and once the lender receives their report, they will usually make a final decision shortly thereafter. The lender orders the BPO so they can figure out what their net proceeds will be. Your property will remain "active" on the MLS until the lender accepts the offer. Please be patient throughout this process. At times you may feel things are going too slow, but remember this is not a regular transaction and can take longer to complete.

The Accepted Offer: Once an offer has been approved by the lender, I will notify you that we are going to proceed to close the transaction. The lender may demand to close escrow anywhere from 10-30 days, so be prepared. If the buyer does not close by the lender's deadline, the next highest bidder in line may be accepted. **If the buyers cannot perform and close on time, the lender MAY decide to proceed with foreclosure thus severing the opportunity for all parties involved to complete a successful transaction.

The Close of Escrow: You, as the seller, will be instructed to sign seller documents at the escrow office. Please bring with you your I.D. , all keys, garage door openers and a good attitude. We will celebrate your new freedom from this financial burden and stress.

Your Financial Freedom: Keep all of your copies of the documents pertaining to this sale in a safe place. Call me with your new forwarding address so I can keep in touch with you through the year and offer you assistance in preparing yourself for future success. Try not to incur any new debt and try to keep low balances on any credit cards you may have. Maintain good consumer credit by not paying late on your currently active accounts. Pay your rent by check or some other way that can be tracked to show evidence that you are paying on time. This will help you should you choose to purchase a new property in the future.