Gainesville Virginia - Homes for Sale - Foreclosure and Short Sales - A Tale of Two Sellers

This past spring I went on two separate listing appointments. Both clients were behind on their mortgage payments and I explained to them how a short sale works and advised they speak with a lawyer before they proceeded so they were fully advised on their situation. Client 1 opted to go ahead and list the home for sale and price it right. Client 2 talked to a lawyer who advised to have the home go to foreclosure. Client 2 felt that they would just wait for the bank to foreclose and that would be the end of it. I advised Client 2 that based on their situation that I felt that Short Sale was the best way to go as you are showing the bank that you are trying to work something out. Client 2 did not want list at the market price and "give it away" so opted not to list the home at the time.

Client 1 had the home go under contract and went to closing in 4 months and will be able to buy again in 2 years. Client 2 called me back 6 months after the initial listing appointment asking me to list the home as the bank was still calling and had advised that the client to try to list the home before it went into foreclosure. The home was scheduled to be foreclosed on within the week. I told her I would do the best I could do and she should consult with her lawyer again so that she felt comforatable proceeding. Client 2 called me back and told me that the lawyer (same lawyer) said yes you should try to short sale. Unfortunately given the short amount of time even with a contract we couldn't stop the foreclosure process. Client 2 said they wish they had listened to me and put the house on the market in the Spring as a Short Sale that way worse case scenerio they would only be liable for the net balance rather than the whole loan that the bank was going after now. Add to that the letters and many phone calls that Client 2 has been getting from the bank since the Spring and continues to this day a Short Sale would have been a better option and far less stressful.

We can't control when financial problems arise but we can be informed and make wise decisions. If you find yourself behind on your mortgage or upside down and have to sell, call me for a Current Market Analysis, I am experienced in Short Sales and will get the job done.

Linda Coffey, Realtor®
Long & Foster Realtors

7526 Limestone Drive
Gainesville, VA 20155

Licensed in the Commonwealth of Virginia

(703) 973-2676

LCoffey@LNF.com

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