Seller Short Sale Tip #3.
Just because values are down and other homeowners in your area forced to sell by Short Sale,that does not give you the right to sell by Short Sale as well.
What promted this Tip for Peg was a conversation I had with a gentleman who was working in my neighborhood yesterday.He saw signs in my garage and realized I was a Realtor. He started his conversation by stating he owns a home locally and he was thinking he might what to sell his home by Short Sale. He stated that he was a little concerned with doing that since it would affect his credit. I said "well, yes it can affect your credit, however if your hardship is quickly addressed, it may only appear as a blip on the radar screen in relationship to your overall credit report history. So just trust that you can recover from that. It will take some work and patience on your part, but it can be done. I would be more than happy to assist you with the short sale if you need help. "He seemed unhappy with that answer. " So I gently probed further and asked , "what kind of hardship are you facing? Job Loss, a Transfer?" He said oh no, I'm fine, my mortgage is not late! Then he said... "I just have a big house and a big mortgage and I want to do a short sale because the values are down. That way I can buy a smaller house with a smaller payment".
Folks.... Short Sales are for people who are truly experiencing a financial hardship.
- Loss of Income
- Loss of Job
- Mortgage converted to a higher interest rate you cannot afford
- You've been transferred
- Fair Market Rent is far less than your monthly mortgage payment
- You've tried selling and now you must reduce your price further to compete
- You do not have the assets in Savings, Stocks, Life Insurance Policy etc... to cover loss.
If you need more information or guidance on this issue, please contact our office and I will coach you on all the options that are available to you for your personal situation. Please refer to my other posts on this subject Short Sales Who Are You Going To Call and Short Sales What You Need To Know
Contact Peggy James or Erick Blackwelder of Erick and Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's.
;)
;)
