Short Sales

What is a Short Sale?

A home sale when sales proceeds do not fully pay off the existing loan(s) and lender(s) accepts a discounted payoff to fully satisfy the loan. A typical situation would be a homeowner suffering a hardship or their home’s market value is less than what is owed to the bank. In most of these situations managed by the AJ Team, the existing lender pays virtually all sales costs, including commissions, escrow and title fees. The homeowner gets their home sold, the loan(s) paid off and foreclosure is avoided.

or

This is where an owner owes more on their house than it is currently worth. The bank agrees to accept less for the property than what is owed in part because it would cost them more to foreclose.

Is a Short Sale right for me?

Mortgage lenders are willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship that makes it likely you will be unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure.

As you consider the option of pursuing a Short Sale, remember your lender is looking to limit any potential loss on your loan. By completing a Short Sale, your lender has arrived at a solution that is, for them, much better than a foreclosure. Bottom line, your lender wants to work with you.

or

Several things have to happen for a bank to approve a short sale. The first and most important is that the borrower must prove that they have a financial hardship. This hardship must be a negative change in their financial position between the time they purchased the home and the date of the short sale. Some acceptable hardships are job loss or relocation, payment increase or balloon, divorce, excessive debt, and unplanned relocation.

How do I get started on a Short Sale?

If you would like to get prequalified for a Short Sale or simply ask more questions about the process, you can email me at allen@ajteamrealty.com or you can apply online by clicking here apply online now. If you would prefer to discuss it on the phone or set an appointment , call us Toll Free at 877 VA SELLS or call my cell directly at 703-593-4574.

In summary, there are many options available to homeowners who are facing foreclosure other then just letting it happen. The AJ Team has the experience, expertise and willingness to work through your options and to help you through this difficult time!