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Health & Fitness

The Top 5 Questions About Short Sales

Find out the The Top 5 Questions About Short Sales.

 

  1. “What is a Short Sale?”
  2. “Why Would My Lender Accept Less Than What Is Owed?”
  3. “Will I Qualify For a Short Sale?”
  4. “Does My Current Mortgage need to be In Default?” or, “I'm Concerned That It Soon Will Be?”
  5. “Have You Fallen on Hard Times?”

If you owe more on your Prince William County home or investment property in  than it's worth and can no longer afford the payments, you've got options.

Whether you are looking to modify your loan or, wish to speak with a short sale advisor, if you go to my website SuzieShortSale.com you will be able to get all sorts of free tools, information and resources, including information on HUD-certified counselors who will assist you in exploring your options.

Find out what's happening in Manassas Parkwith free, real-time updates from Patch.

You can also get a FREE copy of my $27 book, "The Homeowner's Guide to Short Sales". This easy-to-understand, step-by-step instruction guide describes how banks operate in the negotiation process and also includes the tools and forms required to short sell your home or investment property.

1. “What is A Short Sale?”A short sale occurs when the lender agrees to take less than the amount owned on the existing loans.  This may sound simple enough and is the definition most agents will give you. The problem is in the details. The terms of the approval are almost always dictated by the lender. Most sellers and many agents assume any approval is a "good approval", which is often not the case.

Find out what's happening in Manassas Parkwith free, real-time updates from Patch.

If you're considering a short sale there are things you need to know before speaking to your lender. Consulting with a M.A.R.S. compliant, licensed professional versed in short sales and the foreclosure process is a must.

2."Why Would My Lender Accept Less Than Is Owed?” Your lender does not want to foreclose on your home… It's more expensive for the lender to modify your loan than it is to simply foreclose and sell it, and less expensive for them to do a Short Sale and pay all the associated sales costs.

Many lenders will negotiate short sale terms quite favorable to you, oftentimes allowing you to walk away for free and with zero delinquency judgments.

3. "Will I Qualify For A Short Sale?" Has Your Home's Market Value Dropped? Whether you're doing a loan modification or short sale, hard comparable sales will be used to determine that your property is worth less than the amount owed.

I can provide a comprehensive property value report designed to determine your properties 30, 60 and 90 day sales price - the same info your lender will want. Get a "FREE Home Valuation Report."


4.“Does My Current Mortgage need to be In Default?”or “I'm Concerned That It Soon Will Be?”
It used to be that lenders would not even consider a loan modification or short sale until you were behind on your payment for three months. Now, realizing that other factors contribute to a potential default, many lenders are eager to head off future problems.


Lenders no longer require that you be late on your payments however you must be able to convince them with your hardship letter and financial records that you're concerned about your ability to continue making payments.

5. "Have You Fallen on Hard Times?"
Have you experienced a job loss, cut back in work hours, divorce, death or any other challenge that is hampering your ability to make your monthly payments? You must be able to prove financial hardship.

If you've answered yes to all of these questions, you're probably an ideal candidate for a short sale.
Take this simple "Quick Qualifier Quiz" to determine the likelihood of whether or not you'll qualify for a short sale.

The Jacobs Team-Realty World Select is your premier resource for all real estate information and services in the area. We hope you enjoy your visit and explore everything our website has to offer, including Northern Virginia, Manassas, Fredericksburg, Stafford, and Woodbridge area real estate listings, information for homebuyers and sellers, Short Sales and more  About Us.

We recognize the fact that you have a choice in real estate agents, we are committed to earning your business through professional, personalized service. Regardless if you are looking for foreclosures, short sale, residential, commercial, or land... We are committed to making your home buying or selling experience the most rewarding, stress-free process possible. Our goal is to build lasting relationships and long term clients!

Please enter our world and discover why we believe, "The Right Agent Makes All The Difference In The World"

 Susan Jacobs
703-330-4423
Associate Broker
Realty World Select

Susan@RealtyWorldSelect.net
www.SusanJacobs.com

SuzieShortSale.com or 1-888-217-9475

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