Don't know what a short sale is? A short sale happens when you owe more than what the house will possibly sell for. Short sales are typically the result of values in a market rapidly declining.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, get an idea of the true market value of your house. For those whose finances are already strained, paying a licensed appraiser may not be feasible. Therefore, a qualified local REALTOR® that knows the current conditions of the Virginia real estate market is a sound way to get an accurate idea of what your home could sell for.
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 | To get through the process a short sale requires takes the level of know-how and experience we posses. Contact me today. | | |
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Next, call your lender and let them know of the situation. They may even have a special team that manages short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.
Your next step should be reviewing the HAFA Program
For more information on short sales and foreclosures click here.
