Best Practices for Getting a LOUDOUN COUNTY, VA Short Sale APPROVED
Let me start by saying a short sale is not an entitlement, but an option for a qualified seller to throwing up their hands in the face of financial adversity and going into foreclosure.
As an alternative to foreclosure, a successful short sale process will ultimately help to preserve your credit score, potentially avoid a deficiency judgement and if the law is extended - the taxes on your deficiency may be completely forgiven.
QUALIFICATION. A real estate professional versed in the short sale process will make the time to sit down with a seller candidate to properly qualify hardship - which is the primary criteria a lender will use to consider if they will grant approval in a short sale. Examples of hardship include death of a homeowner, divorce, loss of job and professional relocation.
PRICING. Next to hardship, pricing is the second most important aspect of a short sale to get "right" straight out of the gate. Since more and more lenders are looking to get at or near market value, a short sale listing priced too low will only garner a counteroffer from the lenders - and one that will likely scare off a buyer under contract. A listing priced too high will cause stagnation on the market, subjecting a short sale seller to the risk of foreclosure.
PATIENCE. The average short sale in today's market will take anywhere from 90-180 days to get fully approved, depending on factors such as the ability for a seller to collect their documentation, how quickly we can find a serious buyer to get under contract and how well staffed and organized the lender(s) involved are.
PITFALLS. Questions that an experienced short sale agent should be asking sellers to ensure a smooth process (and proper disclosure to potential buyers) are - how many trusts are on the property, who is negotiating the short sale on behalf of the seller, are mortgage payments, taxes, insurance, HOA/condo fees up to date? Setting proper expectations in the listing will increase the chance for closing with the first contract.
PLANNING. I can't stress enough the importance of having a reliable team involved with systematic, proven processes and infrastructure in place. I personally use a combination of a preferred title partner and Foreclosure Response Team (FRT) - who work together seamlessly with myself as the face to the customer - my seller. This way my seller only has one individual as point of contact, and I have the benefit of leverage of an entire team to get a short sale to closing in the most timely manner.
SUCCESS. To date, I've had 100% success getting my short sale sellers to closing because I make sure they're qualified in the eyes of their lenders and we work together as partners in the process, and am in constant contact with my team to make sure we are moving toward the common goal of closing the transaction.
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If you have questions about your ability to qualify to short sell your Loudoun County, VA home, please don't hesitate to give me a call at 703.635.0388, send an email to Lisa@lisamoroniak.com or contact me through my website.
I look forward to being of service!
Lisa
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