Virginia

Virginia Short Sales

Why is it in my best interest to do a Short Sale?

A short sale must not be mistaken for an easy way to escape your home because you simply want to get out of it. A short sale is for the certain homeowner who is in a financial rut and needs to sell their home due to not being able to no longer afford it. When the homeowner has decided a short sale could just very well be the solution they've been looking for, they then must seek approval from their lender in hopes of them accepting a lesser amount in order to avoid a foreclosure. It is typically in a homeowners best interest to opt for a short sale. Letting your home sit and slide into foreclosure will bring consequences you didn't know could be so harsh. I'm talking, up to seven years of not being able to qualify for another loan, dropping your credit score dramatically, and quite possibly seeking a job where the employer will require a credit check and see that nasty word "foreclosure"; believe it or not, that can have a whole lot of impact on whether you are hired for that job. However, a short sale will recover from your credit within two years; allowing you to excel into your future a lot quicker than a foreclosure would. Two years is a perfect time to save your money and completely clear your head for your plans for the rest of your families life.

What does it take to qualify for a Virginia Short Sale?

If you are trying to qualify for a short sale then you must know some of the basics. Like I stated earlier, a short sale is for the homeowner who NEEDS it and not WANTS it. It is not an escape for the homeowner who is more than capable of affording their home. If you are one of the individuals who need to get out of their home due to some sort of financial hardship, you should be prepared to show proof of this hardship.

What are some examples of financial hardships?

Financial hardships come in all different severity's. When looking to qualify for a short sale, you will need to know whether, not only is your financial hardship acceptable, but if you have all the documentation to back it up. Some examples of a financial hardship would include:

•Death of a family member

•Active Military

•Loss of employment

•Excessive medical bills

•Relocation/job transfer

•Divorce or separation

These are a few examples of financial hardships that are typically accepted, however, it is always for the better to contact one of our Short Sale Specialists so that we can further assist you in seeing if your particular hardship is among the accepted.

What documents will I need to prove my financial hardship?

There is paperwork in which your lender will ask you to fill out, and there are documents on which your lender will ask you to acquire; all for piece of mind and proof. This cluster of documents is called a Short Sale Package. In this package you will be asked to provide and financial hardship letter; which will state details of what brought you into your hardship. You will also be asked to provide financial documentation such as:

•Tax returns

•Payroll stubs

•Comparative Market Analysis

•Bank statements

•Financial statement

It is important for you too understand that these documents should be dated, signed and addressed with your loan number to each piece of paper. Should even one piece of documentation be lost, the entire process could slow down or even worse, be rejected. Again, it is always a good idea to have a Short Sale Specialist Realtor assisting you.

How can I be sure I will choose the right Short Sale Specialist Realtor in Virginia?

   When the homeowner is looking for an agent to represent them in their short sale, there are a few things that need to be understood. Not all Realtors are "Short Sale Specialists". It takes a lot more than one short sale to make you a specialist. In order to be the best, you have to have massive experience under your belt. Agents who have the experience are proof that they take your short sale seriously, and know how to get the job done successfully. Our agents are so advanced in short sales that the amount of experience they render is what makes them just what their name calls them; specialists. They are on your side and ready to answer any and every single question, ready to help you get your Short Sale Package together appropriately without any hassle, and make sure you get your home sold and on with your life. You have already made the right decision by acquiring all that you can about a short sale, now it's time to contact us so that we can make it happen for you!

ALSO...

Lenders are giving incentives up to $30,000 for completing a short sale. This is in addition to the HAFA Program which offers $3,000 towards relocation expenses!