Making the decision to short sale your Northern Virginia home can be a difficult one. There are many misconceptions out there, making the decision sometimes even harder.
Before making any type of decision, learn the facts! Only when you are better educated with the truth, can you feel confident with the decision you are making.
Your credit will suffer just as much with a short sale as a foreclosure or DIL.
If you are current with your mortgage payments and your Certified Distressed Property Specialist negotiates with the bank, shows the mortgage paid in full, and provides an Approval Letter, your credit may not take as big a hit as you think.
You cannot qualify for a short sale until you are at least two payments behind in your mortgage.
No! You only need to prove a hardship to qualify for a short sale. Job transfer, military move, loss of a job or death of a spouse can all qualify as hardships.
The bank reviews and accepts only the best offer.
Wrong again – It is the job of your Realtor® to get the best offer for you, the seller, not what is in the best interest of the bank. The bank has a bottom number, called the net, which is the lowest they’ll accept. After getting notice from you, as the borrower, that a short sale is requested, they will get a Broker Price Opinion, or BPO, which is similar to an appraisal, to determine what the Fair Market Value is on your Northern Virginia home and use that number to help them figure their net.
If you are successful at coming to terms with the lender, it’s safe to take the lender’s word for it that the Approval Letter is what was negotiated.
NEVER take the lender’s word for anything. Always read all documents, especially the Approval Letter, to ensure it is exactly what you agreed to. Your Realtor® can help you ensure that it states what all parties verbally agreed.
Be sure to talk with a Certified Distressed Property Specialist before making such an important decision to ensure that you know all your options before ruining your credit with a foreclosure.
Over the past few years I have specialized in working with distressed properties and am a Certified Distressed Property Expert (CDPE). I would love to talk with you and help you determine all your options to find the best one for you. I always welcome calls to my cell phone at: (703)268-6380. The Sullivan Group can help you make the most of your situation and help get you back on track.