Will I Have To Pay The Difference On My Alexandria Va Short Sale
Alexandria VA Short Sale Help - That's the call that I received today from a homeowner. And the answer is, "We won't know until the bank makes a decision on your short sale approval." That means that you still have to go through the process of putting your home on the market, accepting an offer, and waiting for the bank to render their decision.
The greatest benefit to the short sale homeowner, is you get the opportunity to see the terms the bank will allow you to sell your home. In a perfect world, the ideal scenario would be that your lender accepts the proceeds from the sale as full payment, and will not pursue payment on the deficiency. This is not something the lender will tell you over the phone, but what's better is that it's something your lender is willing to put in writing.
Take a look at this short sale approval letter that I recently received for one of my clients:
Green Tree Short Sale Approval Letter by
You will see that in this case, Green Tree is agreeing to accept $8000 as payment in full for a mortgage with an outstanding balance of almost $80,000. Under the property address, it states, "Settlement In Full", and in the first paragraph, it is confirmed that the "Note will be settled in full."
This is much better than having a foreclosure on your credit report or worrying about losing your security clearance.
As the homeowner, if you do not agree to the terms of your short sale, then you still have the option to cancel your short sale, and cancel your contract and listing agreement. Of course, before agreeing to the terms, you should always consult with an attorney and a tax advisor so that you are aware of any tax consequences of the short sale.
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Buying or Selling Real Estate in Alexandria VA? I specialize in new construction homes and short sales throughout Alexandria VA. Contact Tamara Inzunza, Associate Broker of RE/MAX Executives to list and sell your home, or purchase a new home. Proudly serving the beautiful Alexandria VA communities of Old Town Alexandria, Del Ray, Kingstowne, and Manchester Lakes including condos, townhomes, and single-family homes for sale.
Call me at 703-623-8759
Be sure to visit my website where you can Search MLS Listings of ALL Homes For Sale in Alexandria VA at www.MovingToNova.com/. If you're thinking about selling and would like to know how much your Alexandria VA home is worth, visit http://www.confidentialcma.com/ for a complimentary market analysis of your home.
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