Q: What is a Short Sale?
A: A short sale occurs when a lender accepts less than what is owed on the mortgage to end the foreclosure process.
Q: Where do you negotiate?
A: My office is in Leesburg, Virginia but I have close relationship with great negotiators who are involved in getting the short sale approved very fast. I got two of my short sales approved within 3 weeks. Please give me a call and I would be more than happy to discuss your situation.
Q: How long does the process take?
A: There is no set answer to that question. It can be as little 60 days or a couple months and it varies with the lenders. We stay on top of the process making sure the file keeps moving forward. I can list your home and help you get the process moving in the correct direction. We will work together through the process and get it done so please do not hesitate in calling me to know for sure how long is to start the process.
Q: Can I short sell my house with out listing it?
A: Most banks require the property to be listed by a Realtor and have the contract drawn on an approved form. Please call me so we can start the process.
Q: Do I need an attorney?
A: This year I have worked with more than 10 short sale files. I recommend contacting MBH Title, or RGS Title in Leesburg to get free advice. Please call me so I can connect you with them. I would also work with your attorney in getting the deal approved if you to do so
Q: Will the Bank Come After Us for The difference?
A: Some banks will release only the lien, while other banks will release both the lien and the debt. The short sale negotiator at RGS will try their best to negotiate a full debt release, but it can not be guaranteed.
Q: Will I be financially responsible for the loss the bank takes?
A: In some cases, you may be liable for the loss, which is called a deficiency. The Mortgage Relief Debt Act of 2007 may protect you from liability on your primary residence. Please consult with an attorney or CPA or tax advisor for more specific information regarding your case.
Q: Why Do I Have To Provide Personal Information?
A: All lenders require a complete short sale package, including tax returns, bank statements, pay stubs, etc, to justify your situation. This will include a hardship letter. We also have forms if you do not have any of this information ie. unemployed.
Q: Will A Short Sale Destroy My Credit?
A: Yes and no. Lenders may report “Mortgage Settled for Less than Full Balance”. How that affects your credit varies greatly. Any late payment history will still appear, as will any Notice of Default filings (the start of the foreclosure process). What won’t report is an actual foreclosure. In today’s credit market, a foreclosure may prevent you from obtaining a mortgage for at least 5 years, longer than a bankruptcy.
Q: Why Should I accept Such a Low Listing Price or Offer on My Property?
A: Due to varying market and financial conditions, it is sometimes necessary to list at the market price or a bit lower offer to consummate the sale. The right price can save time, unnecessary anxieties and avoid the further financial hardship. The banks don’t want to hold on to the property any longer than the need too. Tie costs the bank money as well. It is in everyone’s best interest to start the process and try to reach an agreement.
Q: In a short sale who has to pay the Agent Commissions or Other Closing Costs?
A: In a short sale transaction, the lender will pay for most of the seller’s costs. The fees and costs that are not approved or paid by the lender will be covered by the buyer or the short sale negotiator at RGS Title.
Q: Will the short sale negotiating cost the seller Anything?
A: No. The charges are mostly paid by the lender or the buyer. All of the service fees are included in an addendum to the purchase agreement. Everyone know up front what they may be / will be responsible for payment.
Q: Will I Get Any Money From The Sale?
A: Not usually. Most lenders will not allow a borrower to receive any money, although some may allow a small amount back. If they think you are getting paid, they will immediately decline the deal. This is changing due to the HAFA program as well as several other things I am seeing in the market. Several lenders are now paying for the sellers to leave the property in good condition with out damage. Please call Simin at 703-REAL-066 – so we can get the ball rolling.
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See more 20176 zip code real estate.
(all data current as of
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