Are Banks Willing to Sell Homes For Less Than the Mortgage Balance?
Depending on the situation that faces a Seller who needs to sell for less than what they owe in their mortgage, the bank may decide to approve the sale and accept a short payoff of the mortgage. This type of sale is known as a Short Sale.
Banks don't approve Short Sales just because you want to sell because the value has decreased and you want out of the investment. In general, there needs to be a circumstance that makes the sale necessary. Financial hardship. Loss of job or income. Divorce. These are just a few reasons that a Seller may pursue a Short Sale with their bank.
If you find yourself in a position to pursue a Short Sale in Northern Virginia, you'll need an experienced Northern Virginia Short Sale Agent to help you through the process. Without someone at the helm who's done this before, your chances of getting your Short Sale approved decrease.
I've been a Northern Virginia Short Sale Agent since 2007. I've got the knowledge and experience you need to pursue the Short Sale of your Northern Virginia home. Give me a call if you want to investigate the option of doing a Short Sale.
Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®