Fast House Buyers Loudoun County VA: When you are in a jam with your mortgage lender, there is a possibility that you can pull it out by going to an investor and asking for help. They are accustomed to talking to lenders and getting houses paid off for slightly less than what you might owe if the market value of the house is less than your mortgage balance. This is known as a short sale.
The investor will offer to buy your house and give the lender the proceeds to satisfy what you owe as a balance. Even if it is short of what you owe, often the banks will agree to the short sale because it is to their advantage. They can get most of what you owe through an investor’s purchase of your home. It is usually far less expensive for the lender to accept the short sale amount than to follow through with a foreclosure.
What they can get for the house at a foreclosure auction can be much less than what they might receive for a short sale, and the court filing and legal work to sue you for foreclosure is additionally expensive. It often makes more sense that the lender takes what the investor offers them when the investor offers to buy your house. The banks can then get the house off of their books, out of their liability zone, and get most of the money recovered.
It does take some know how to properly discuss the short sale possibility with the lender through the mitigation officer. Real estate investors know how to talk to lenders about these situations as they do it regularly. They may even know some of the local bank officers that you took your loan out from. This is a good thing, as it’s a big advantage to you if the bank agrees.
An example would be if you owe $129k on your mortgage. The house is now worth only $120k on the market. The investor will offer the bank just less than market value so he or she can also make a profit. The investor may offer the bank $115k for the house to satisfy the mortgage that you still owe.The bank may decide to accept and forgive you the additional $14k that is owed on the mortgage. You must have a good reason for a short sale on the house, but if you do, you can possibly save your credit.
We’re a group of Professional Home Buyers who buy and sell houses in any condition or price range all over Northern Virginia and are actively seeking to buy houses today in all Northern Virginia areas. We are a multi-service company who has the ability to BUY, REPAIR, MARKET, and SELL HOMES.
We Buy Houses in the following Counties in Virginia – Fairfax County | Loudoun County | Hampton Roads | Prince William
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