Short Sale Myths –Selling short sale in Northern Virginia
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A short sale can be an excellent solution for home owners
who must sell and owe more on their homes then they are worth. Unfortunately, a
number of myths about short sales have developed, and it is important to
understand the reality of this process.
Myth# 1 : The bank would rather foreclose than bother with a
short sale.
This is one of the most common misconceptions. The reality
is that banks do not want to foreclose on property because the foreclosure on
property because of the process is incredibly costly. Banks, investors and even
the federal govt. have all publicly stated that if a person is qualified for a
short sale the deal needs to be considered.
Myth# 2: An owner
must be behind on a mortgage to negotiate a short sale.
While this may have previously been the case, today lenders
are looking for verifiable hardship, monthly cash flow shortfall, or pending
shortfall and insolvency.
Myth#3: There is not enough time to negotiate a short sale
before my foreclosure
This myth probably hurts homeowners the most. Many do not
realize that foreclosure is a process, and there is time to make decisions that
may result in better outcomes. There are number of times I had foreclosure cancelled.
This is doable it’s just needs bit more work and communication with the bank.
Myth#4: Listing my home as a short sale is an embarrassment
According to recent estimates, one out of five homeowners in
the U.S> is in this situation. You are to be congratulated for admitting you
need help taking action, and finding a professional who can work with you
toward a situation.
Myth#5: Short sales
are impossible and never get approved
This is a complete falsehood. Are short sales more difficult
to execute? Yes. Does a homeowner need to learn about a new process? Yes. Are
they impossible? Absolutely not.
Myth#6: Banks are not accepting short sales
The reality is that banks and the U.S. govt. are trying to
do anything they can within reason, to avoid foreclosing. It is preposterous to
believe they would deny a short sale in homes that home future legislation
would pass and pay them for losses.
Myth #6: Buyers are not interested in short sale properties
Potential sellers hear this but thank fully, it is not true.
In fact, many agents are getting calls from buyers who say they only want to
look at foreclosure and short sales.
So if you are in financial distress talk to a short sale specialist.
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