northern virginia short sale agent: Northern Virginia Short Sale Quiz: Question #6
- 03/02/12 07:26 AM
Northern Virginia Short Sale Quiz: Question #6
To combat the misconceptions that buyers, sellers and even real estate agents have about Northern Virginia Short Sales, I decided to have this series of questions to help answer the most commonly misconstrued areas of a Short Sale. If you want to catch up with question #1, question #2, question #3, question #4 or question #5 click the appropriate link.
Now, on to the next Short Sale scenario.
John and Susie Jones have made an offer to purchase a Short Sale. They are not asking for any closing cost assistance, home warranty or inspections … (11 comments)
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northern virginia short sale agent: Wait for the Market to Give You Equity or Sell in a Short Sale?
- 02/29/12 03:21 AM
Wait for the Market to Give You Equity or Sell in a Short Sale?
As a Northern Virginia Short Sale Agent, I meet plenty of home owners who are hanging on by the skin of their teeth, waiting for the market to bring back some much needed equity so they can either refinance their existing mortgage(s) or sell and break even. Two-thousand twelve may not be the year to continue to wait out the return of your equity if your principal residence is the one upside down. Here's why.
The Mortgage Debt Forgiveness Act expires at the end of 2012. … (4 comments)
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northern virginia short sale agent: Northern Virginia Short Sale Quiz: Question #5
- 02/29/12 01:16 AM
Northern Virginia Short Sale Quiz: Question #5
I started this series of questions because there are a lot of misunderstandings about Short Sales in our Northern Virginia market. If you want to catch up with question #1, question #2, question #3 or question #4 just click the appropriate link.
Buyers just submitted an offer of $300,000 on a Short Sale listed for $400,000. The Buyers receive a counter offer from the Sellers for $390,000. Can the Sellers counter their offer of $300,000, or must the original offer be submitted to the bank?
Answer simply YES or NO.
Check back tomorrow for the answer.
… (15 comments)
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northern virginia short sale agent: Northern Virginia Short Sale Quiz: Question #4
- 02/26/12 05:51 AM
Northern Virginia Short Sale Quiz: Question #4
Northern Virginia Short Sales are a topic on which there is a TON of misinformation. We've already had question #1, question #2 and question #3. In question #4, we are going to address a really critical point.
Sellers of a Northern Virginia Short Sale with two loans (a 1st trust and a 2nd trust) have just received an offer on their property. The Buyer would like 3% of the sales price in closing cost help.
Who is paying for the closing cost help to the Buyers?
A) The 1st Trust
B) The 2nd Trust
C) The Sellers
… (15 comments)
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northern virginia short sale agent: Northern Virginia Short Sale Quiz: Question #3
- 02/25/12 05:31 AM
Northern Virginia Short Sale Quiz: Question #3
To clarify some of the major misunderstanding that buyers, sellers and real estate agents have about Northern Virginia Short Sales, I've decided to give you this quiz. We've already had questions #1 and #2. Now we are on to question #3. It's going to involve reading this scenario first.
Buyers and Sellers come to terms with their Northern Virginia Short Sale Contract. In the contract dated May 5th, they agree to the price and to make the settlement date in the regional sales contract on or before September 10th. The Short Sale Addendum reads that the Buyers will … (13 comments)
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northern virginia short sale agent: Northern Virginia Short Sale Quiz: Question #2
- 02/24/12 07:43 AM
Northern Virginia Short Sale Quiz: Question #2
If you'd like to see the first question in my Northern Virginia Short Sale Quiz, click the link provided.
Today's question is one I hear agent's giving both possible answers on, and clearly, there is only one answer.
Can home owners who have had their mortgage debt discharged in a bankruptcy sell their home in a Short Sale?
YES or NO.
Check back tomorrow for the answer.
For Northern Virginia Short Sale Quiz: Question #3, click the link provided.
… (13 comments)
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northern virginia short sale agent: Should a Northern Virginia Short Sale Buyer Go to Settlement Without Seeing the Approval Letter?
- 02/16/12 06:12 AM
Should a Northern Virginia Short Sale Buyer Go to Settlement Without Seeing the Approval Letter?
This was a question I received in my email today. The answer to this question is simple.
NO WAY!
As a Buyer in a Northern Virginia Short Sale transaction, the Short Sale contingency in the contract is not removed until you see the Short Sale approval letters. And that means that the Seller could still back out with that contingency in place.
Furthermore, even when you do see the approval letters, you need to make sure they meet the definition of approval per the contract. In … (6 comments)
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northern virginia short sale agent: I Learned All I Needed to Know to Close a Short Sale in Elementary School
- 02/14/12 10:43 AM
I Learned All I Needed to Know to Close a Short Sale in Elementary School
When it comes to Short Sales, it seems things can get complicated quickly. Since 2007 I have been building a basis of knowledge when it comes to dealing with Short Sale Sellers and Short Sale Banks. My experience certainly helps me best serve my Short Sale clients. Keeping abreast of current regulations and tax codes that affect the sellers is a must. Knowing the ins and outs of the sales contract is also a must. You also have to know how to read a HUD-1 settlement … (15 comments)
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northern virginia short sale agent: The Unknowns You Face as a Seller in a Short Sale
- 02/12/12 07:49 AM
The Unknowns You Face as a Seller in a Short Sale
When you are selling your home in a Short Sale, there are a lot of questions that you want answered. There are no guarantees on how a Short Sale will turn out, but when you are working with an experienced Short Sale Agent you will at least get the lay of the land and get a feel for the direction their Short Sale will likely take, and what issues they need to investigate further. Here are some unknowns that I address with potential Short Sale Sellers:
SHORT SALE BANK(S): Will the … (3 comments)
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northern virginia short sale agent: Selling Your Short Sale AS-IS? Great! You'll Still Be Wise to Get It SHOW READY.
- 01/27/12 10:08 AM
Selling Your Short Sale AS-IS? Great! You'll Still Be Wise to Get It SHOW READY.
There's been a lot of discussion in my Northern Virginia real estate business this week about the meaning of AS-IS when it comes to selling a Short Sale. There are two issues that seem to come up again and again.
You can't sell your home in a Short Sale if you can't get a buyer to write an offer. The homes in the Northern Virginia marketplace are show ready. That means they are clean and decluttered. If you can't bear to do either of these things, you … (11 comments)
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northern virginia short sale agent: The Mortgage Debt Forgiveness Act Expires at the End of 2012
- 01/12/12 06:49 AM
The Mortgage Debt Forgiveness Act Expires at the End of 2012
For those considering a Short Sale, you need to be aware that delaying getting your home on the market could result in some serious tax ramifications.
At the end of 2012, The Mortgage Debt Forgiveness Act will expire. This legislation, which Virginia has been following for state income tax purposes, gives an income tax pass to principal owners whose mortgages (used to purchase or improve the home were not paid in full through a Short Sale or Foreclosure, on that forgiven mortgage amount. Why does this matter?
Say you owe $500,000 on a home you sell … (8 comments)
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northern virginia short sale agent: What Do You Do When a Short Sale Bank Contradicts Themselves?
- 01/11/12 09:00 AM
What Do You Do When a Short Sale Bank Contradicts Themselves?
The answer? Point it out, of course!
Northern Virginia Short Sale Agents know the value of keeping records of every phone conversation, email and letter that comes from a Short Sale Bank. It is surprising how many different versions of reality you can get when just dialing in for a status update to the call center of any Short Sale Bank.
Sometimes you get contradictions so blatant you don't need well maintained notes. You just need to hold on to previously generated Short Sale Approval Letters. That was the case … (5 comments)
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northern virginia short sale agent: That's Too Much for a Short Sale!!
- 01/07/12 11:26 AM
That's Too Much for a Short Sale!!
Yes. Words that an experienced Northern Virginia Short Sale Agent will never speak. Why? Because we know that Short Sales, despite the fact that the banks need to approve a short payoff of the mortgage(s) are really no different when it comes to evaluating their price. There is no discounted value an appraiser gives to a Short Sale simply because it is a Short Sale. Appraisers are trained to look at homes and compare their size, condition and location to the comparables in the area. If the comparables are regular sales in largely the same condition, similar size and … (11 comments)
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northern virginia short sale agent: If a Buyer Can't Get Their Loan Approved After Two Contract Extensions, They Shouldn't Be Under Contract
- 11/23/11 06:32 AM
If a Buyer Can't Get Their Loan Approved After Two Contract Extensions, They Shouldn't Be Under Contract
Way back when dinosaurs walked the earth (or at least that's how it feels, really it was just early August) I got one of my Gainesville Short Sales under contract. I knew it would be a tricky one since there were three mortgages on the property and the loan in third position had the greatest shortfall. The Short Sale was approved in record time by all the lenders and approval was delivered to our Buyer after one month of being ratified.
Getting Short Sale … (11 comments)
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northern virginia short sale agent: Are Banks Willing to Sell Homes For Less Than the Mortgage Balance?
- 11/20/11 12:01 PM
Are Banks Willing to Sell Homes For Less Than the Mortgage Balance?
Depending on the situation that faces a Seller who needs to sell for less than what they owe in their mortgage, the bank may decide to approve the sale and accept a short payoff of the mortgage. This type of sale is known as a Short Sale.
Banks don't approve Short Sales just because you want to sell because the value has decreased and you want out of the investment. In general, there needs to be a circumstance that makes the sale necessary. Financial hardship. Loss of job or … (11 comments)
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northern virginia short sale agent: That's Not My Job!
- 11/19/11 06:16 AM
That's Not My Job!
There's a sentence I've heard too many times and definitely could have used myself about a dozen times this past week. I'm dealing with a Short Sale listing transaction that has Short Sale Approval, but can't make it to settlement due to an unreleased first trust that was paid off years ago.
I have been communicating with the Seller's settlement company to resolve the issue. Why? It's been declared not the job of the Buyer's title company, by...you guessed it...the Buyer's title company. I disagree. So does the Seller's settlement company, but we have been working to solve … (11 comments)
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northern virginia short sale agent: How Do You Show a Home That Can't Be Seen?
- 11/18/11 04:52 PM
How Do You Show a Home That Can't Be Seen?
There is probably nothing more frustrating for a Buyer than getting excited and revved up for a house hunting trip, only to find that the home at the top of the list....well...maybe it would work if we could see all of it. Such was the story on Wednesday night when I was out house hunting with new Buyer-clients.
The sun sets in mid to late November around 5pm. So when you are meeting a client at a home at that time, you are praying for a few things. First of all, that the … (127 comments)
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northern virginia short sale agent: Lack of Planning and Preparation Can Land You on Your Butt in a Northern Virginia Short Sale
- 10/31/11 07:30 AM
Lack of Planning and Preparation Can Land You on Your Butt in a Northern Virginia Short Sale
I read a post today by Laura Sargent about her son's Halloween costume. He's going as a Rubik's cube. And even though this was a last minute call, the prep for the costume is clearly something that was thought out. I know because I went trick-or-treating as an eleven year old as a Rubik's cube back in the day. My experience trick-or-treating as a Rubik's Cube that night was frustrating and painful as a result of mine and my Mom's lack of fore thought.
In … (3 comments)
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northern virginia short sale agent: Manassas Short Sale: Under Contract in Four Days
- 10/26/11 09:35 AM
Manassas Short Sale: Under Contract in Four Days
Manassas Short Sales are typically not the first choice of buyers...unless the buyer has been misinformed as to the discounts on sales price offered by Short Sale Banks. Manassas Short Sales have a general reputation of taking a long time for an uncertain payoff.
When you are a Manassas Short Sale Agent that has built a solid reputation for getting deals done, it's not a shock when they go under contract quickly.
This Manassas Short Sale in Stonington hit the market on October 22nd and had an offer in had on October 24th. … (3 comments)
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northern virginia short sale agent: Northern Virginia Short Sales: Should You Use Shorter Deadlines to Motivate the Banks to Get the Deal Done?
- 10/25/11 07:56 AM
Northern Virginia Short Sales: Should You Use Shorter Deadlines to Motivate the Banks to Get the Deal Done?
If you are a Seller in a Northern Virginia Short Sale, you might be inclined to stick it to your Short Sale Bank and put a clause in your Northern Virginia Short Sale Contract that can be used to "motivate" the bank to act quickly. After all, this is the same bank that probably was unresponsive and slow when processing your request for loan modification before you chose to go the route of Short Sale. Anything you can do to light a … (6 comments)
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Northern Virginia Short Sale Quiz: Question #6
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