Considering a Short Sale in Richmond Va? Answer These Questions First
While you may have heard that selling your home as a short sale can be a long, frustrating, and sometimes futile process, the tide may be turning as lenders have become increasingly more amenable to short sales. Many lenders, says real estate professional and homeowners are viewing short sales in a more favorable light after suffering through failed loan modifications and countless foreclosures.
Before embarking on the short sale process, however, talk to the Marcus Rice Short Sale Team who is experienced in the area of distressed properties. Marcus Rice a experienced CDPE (certitified distressed property expert) asks all his clients to start by completing the following questionnaire. One of the top reasons short sales fail is because the home seller never actually qualified for one in the first place. Answering the following questions accurately and thoroughly will determine whether your home is eligible for a short sale:
- Is your property currently on the market? Is it listed with an agent?
- Is this your primary residence?
- When was the property purchased?
- What was the original purchase price?
- Who holds the mortgage?
- What kind of loan do you have? (FHA, VA, Conventional)
- Do you have any other liens against your property?
- Who is on the title (or deed) for the property?
- Who is on the mortgage?
- Do you have mortgage insurance?
- Are you current with your payments? If not, how far in arrears are you?
- How much do you owe?
- Why do you need/want to sell?
- What caused you or will be causing you to miss your mortgage payment obligation?
- Do you have funds in accounts that could be used to satisfy the deficiency?
- Are you currently living in the property? If not, where are you living and is the property being maintained?
- How soon do you need to move?
- Are you up to date on your condo or HOA payments (where applicable)?
- Do you owe any back taxes?
- Are you considering filing for bankruptcy protection?
- Are you currently pursuing a loan modification with your lender?
- Who is occupying the property?
- Do you hold or are you subject to any type of security clearance related to your job?
- What are your plans after you sell?
- Are you looking to receive any money from the sale of your home?
- How much income are you currently making from all sources?
- Do you anticipate any income change up or down in the not-too-distant future-?
If you answered these questions and would like a free short sale consultation, please call me at 804-247-8187. I look forward to addressing all your needs.
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The Marcus Rice Team specializes in residential and commercial real estate in the whole state of Virginia. We are tech savvy realtors with over 20 years experience. Please join us on our social networking network to stay up to date on Virginia real estate news and more...
The Marcus Rice Team can be reached at 804-247-8187 or mriceteam@msn.com
The Marcus Rice Team
Equity First Realty
4860 Cox Road, Suite 200
Glen Allen, VA 23060
Call The Marcus Rice Team at 804-935-8519 Office or 804-247-8187 Cell
Equity First Realty Broker Site: www.Equity1stRealty.com
Marcus Rice Team Site: www.RichmondVaHome.com
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