Top 10 Reasons to Short Sale Your Home in Richmond Virginia

Top 10 Reasons to Short Sale Your Home in Richmond Virginia

Top Ten Reasons to Short Sale

1. You pay no out of pocket expenses. All short sales are sold as-is, meaning you won't have to bother spending time and money on tedious home repairs. Your lender also pays for all commissions and services on both sides of the transaction, giving you the least hassle possible in moving on to your next home.

2. Your credit damage is minimized. A short sale will have a recoverable impact of 80-100 points on one's credit, compared to the devastating effect of 250-350 points a foreclosure has on a credit score.

3. You can buy another home in approx. two years. Fannie Mae Announcement 8-16 recently set the standard that homeowners who choose to short sale only have to wait two years before buying another home. Foreclose prevents you from owning a home for at least 7 years

4. You have an assured sense of relief. Short sales in lieu of loan modifications give homeowners a firm new start. The Department of the Treasury just released a study revealing that 55% of homeowners default again within six months of receiving a loan modification.

5. You save money and pay less taxes, The Mortgage Forgiveness Debt Relief Act of 2007 allows short sale homeowners to not be taxed on the difference between their loan amount and the short sale price. With a foreclosure, you'll receive a 1099 for a home you don't even own.

6. You have a dignified solution to a difficult problem. A short sale allows you to stay in your home during the negotiation period. A foreclosure can become an embarrassing situation as a bank representative comes by to lock up the doors and windows, change the locks, and put up "bank owned" signs on your property while the local Sheriff is contacted to have you forcibly evicted.

7. You can have a trust deed sale date delayed. A short sale will cause the lender to postpone a trust deed sale date.

8. You'll have an easier time finding a nicer place to rent. If you chose to rent, a foreclosure and/or eviction are red flags for landlords that will make it very difficult for you to find a place to live in the future. However, while a short sale is being negotiated, homeowners have many more options and can easily select a new place to live at their leisure.

9. Receive Relocation assistance. You may qualify for cash assistance up to 5k depending on your lender.

Contact our team today to learn more about your options

10. Short Sales are normal, we have been successfully closing short sales since the real estate market crash. All banks have short sale divisions to assisst with approving and closing short sales. 

Please contact Marcus for a free consultation and we will work with you to either help you save your home or sell it For more info call 804-247-8187

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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

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