Short Sales are becoming a part of the Real Estate landscape and are an intricate process that, ifhandled properly, can help a homeowner in distress avoid foreclosure. Right now, only 10-15% of short sales are reaching the closing table. They are frustrating for buyers, and cumbersome for loss mitigators at banks. However, they are worth a sellers time to try and work out because no one wants to simply give up.
When a homeowner is facing the decision to try a short sale, the first thing that needs to be determined is if there is some form of distress affecting the owners. Simply owning a home that is worth less than what you owe on the property is not an acceptable distress according to the bank. As an agent, the first thing we do is qualify the client to see what form of distress their is and what the best options are to fix it. Our goal is to save your home first. There are a couple of options that you have.
- Loan Modification
- Temporary Delay In Payment
- Interest Rate Reduction
There are some more, but these are typically the first options that we would discuss. Remember, the goal is to keep the home, not to give it up.
Remember, a short sale is a regular sale. The number one mistake that is made on short sales is that the list price is too low. Banks do not want to see low ball offers, they want to see that an attempt to sell the property is made and will research the entire listing. You need to have an agent that takes meticulous notes, documents everything, and is in constant contact with the bank. When an offer comes along, the owner is the one who accepts the deal, not the bank. Once agreeable terms have been established, the offer is submitted to the bank for their approval. This is where the hard part begins...we can help.
Visit our website to learn more information about the short sale process. We are here to help if you are having trouble and need some answers. If a short sale is the right solution, it costs you nothing to have representation. For information on the difference between a short sale and foreclosure and the impact on your credit, email us at jamesmulhern@remax.net for the free report.
Jimmy Mulhern - CDPE
http://www.HomesInVirginia.net
What is a CDPE? It stands for Certified Distress Property Expert- We have the best training to handle short sales. Short Sales handled by CDPE agents have a 90% success rate - who do you want on your side?
We Handle Short Sales In Northern Virginia Including Centreville, Fairfax, Gainesville, Haymarket, Herndon, Chantilly, Bristow, Burke, Oakton, Vienna, Manassas, Woodbridge, and Springfield.
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