short sale: What Happens in a Loan Modification?
- 11/09/09 04:08 AM
As a Northern Virginia short sale listing agent, I meet many sellers who really seem confused on what happens in a loan modification. There seems to be a general misconception that loan modification means a portion of your principal loan balance will be forgiven and reflect more of the market value of your home. While this may happen in RARE instances, it is not how mortgage lenders will do business 99.9% of the time. Loan modification is actually a temporary reduction in interest rate to help you through a financial rough patch. When you signed your loan documents, you promised to repay … (12 comments)
short sale: Foreclosure is Losing its Stigma
- 09/07/09 03:07 AM
Foreclosure is losing its stigma. We've seen it happening. Sellers who are upside-down in their homes will proudly announce to neighbors, friends and family that they are going to let their homes go to foreclosure. Many of the folks you hear openly contemplating foreclosure are not even in financial trouble. Five years ago, you did not hear your neighbors or friends talking about their personal finances in public. Now, it's a subject on everyone's lips. The most troubling part of all of it is the loss of personal responsibility. With foreclosure and short sale being seen legitimate options to people simply because they are upset over their … (20 comments)
short sale: What in the World is a Short Sale?
- 05/17/09 04:59 AM
A buyer entering the market these days is encountering a type of sale that so many before them never even knew existed. It's called a Short Sale. A short sale occurs when a sellers owes more on the mortgage payoff, than they will get for the sale of their home. The mortgage holder(s) must have time to review the purchase contract on the property and decide if they will accept the short payoff. Sometimes the owners are facing foreclosure after missing mortgage payments. Perhaps the owners are current on their mortgage, but are being relocated out of state, or out of … (11 comments)
short sale: Just How Long a Short Sale Listing Can Take (Worst Case Scenario)
- 10/28/08 09:34 AM
One year ago I took a short sale listing in a very targeted neighborhood; a 55+ community. I knew it wouldn't be easy to find a buyer. It wasn't. Many price reductions (we were competing with the on-going new construction), we finally got a buyer to submit a very reasonable offer in late May of this year. That same contract has been with Countrywide and their investor, Fannie Mae, since then. Countrywide has ordered a total of 4 appraisals and 2 BPOs (Broker Price Opinion). The problem is that Fannie Mae, the investors on this loan, has a completely unrealistic idea … (12 comments)
This home is one of the most popular floor plans in the community and offers over 3700 square feet of space on the first two levels!! Formal living and dining rooms flankning a center hall, with hardwood floors. A large gourmet kitchen opening to the family room and breakfast area. This particular home features granite counters, a gourmet appliance package by GE Profile and a Butler's Pantry.
The Master Suite upstairs is unbelievable in … (3 comments)
short sale: Up Since 6:30am on Saturday
- 05/17/08 10:20 AM
My dedication to my fellow agents is a strong one. I am not a morning person. I wake up around 8:30am and that's early. I spend the first half of every work day in my "jammies" in the home office. But today was a red letter day.
I woke up at 6:30am (after hitting the snooze once of course) and didn't even have a chance to drink my coffee before getting in the car to drive 30 minutes to another Broker's office to teach his agents the ins and outs of listing and buying short sales. The course material was recently … (4 comments)
short sale: Thanks Countrywide
- 04/29/08 11:25 AM
I have been working with this particular short sale client since Fall. To end the whole process, since we weren't getting any contract on the property, the sellers decided they wanted to approach Countrywide about a Deed in Lieu of Foreclosure (DIL). After talking Loss Mitigation, it was determined that the sellers would leave the home on the market for a short sale contract, but would actively pursue the DIL. For weeks now, when calling to check the status of the DIL, I am told we are "in the middle of the process." I know there was an appraisal ordered, because … (15 comments)
short sale: Active Adult Condo---Reduced to $199K
- 01/10/08 06:45 AM
Here's a condo that reduced its price to SELL! It's a Foxfield Model by Toll Brothers in the active adult community of Regency (Hayrmarket, VA). Only slightly more than a year old, this home is beating it's new home rivals by as much as $60,000. The third floor (top floor) is a sought after location due to the cathedral ceiling in the living room. This one detail makes a big difference. The kitchen is gorgeous with granite counters, upgraded appliances, cherry cabinets and hardwood floors. And it overlooks the family room.
The dining room offers a more formal appeal with two tone paint making … (4 comments)
short sale: Short Sale Snake Pit: Multiple Ratified Contracts?
- 01/08/08 09:06 AM
In Northern Virginia, our third party approval clause in a contract is actually a contingency. Just like a home inspection or sale of home. It has a certain of number of days that is in place from the date of ratification, and if it expires without the written disapproval by the 3rd party in question, the contract is assumed to be in place and moves forward. In other words, if this contingency expires, then the seller is on the hook to sell the house no matter what the bank says. Here's what is says, word for word: THIRD PARTY APPROVAL. This … (11 comments)
short sale: Short Sale Listings---What Can You Do Up Front to Make The Process Easier
- 12/11/07 12:50 AM
In the Northern Virginia market is is becoming all to common to find people who are not able to sell their home for what they owe. Short sales are a buzzword to some, but in reality are tricky to work. Here are some pointers so you won't waste your time listing, or writing a contract, on a property that may not get bank approval on the short sale. FROM THE LISTING SIDE: 1. Determine if this sale is absolutely necessary. Then, take what you know and write up a hardship letter for your sellers to sign. 2. Have your seller sign a letter, detailing loan numbers, … (14 comments)
short sale: REDUCED...Now $95,000 Below 2007 Tax Assessment!!!
- 12/02/07 02:11 AM
What a wonderful place to call home! This two bedroom, two bathroom 3rd floor condo offers all the perks of the 55+ community. It is a 1 year old Foxfield Model by Toll Brothers. Located in Regency you can enjoy the Arnold Palmer designed golf course, putting greens, fitness trails, and a clubhouse that houses many amenities of its own.....exercise room, sauna and party room. And there are groups that get together for just about any interest you have...chess, sewing, books, poker...you name it. When you live here, it's almost as if you are on permanent cruise...do as much or as little as you … (4 comments)
As a Northern Virginia short sale listing agent, I meet many sellers who really seem confused on what happens in a loan modification. There seems to be a general misconception that loan modification means a portion of your principal loan balance will be forgiven and reflect more of the market value of your home. While this may happen in RARE instances, it is not how mortgage lenders will do business 99.9% of the time.
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