AVOID FORECLOSURE - Consider Short Sale
Need to sell… but you owe more than your home is worth?
Understanding Short Sales
"Mr. Smith bought his house 2 years ago for $200,000 with no money down. He then spent $15,000 on landscaping and kitchen improvements. Mr. Smith was just informed that his company is downsizing and will no longer be requiring his services. Since the purchase of his home 2 years ago, values in the area have been declining and Mr. Smith is now in the unenviable position of being “upside-down” in his property. That is, he owes more than the property is worth. Without a job, Mr. Smith cannot continue to make the payments on his house, nor can he sell the property for the amount owed. Without a change in circumstances, Mr. Smith may likely be headed for foreclosure."
The above example is but one scenario of how a homeowner may no longer be able to meet their financial obligation to their lender. The mortgage company cannot expect Mr. Smith to sell his home for more than it is worth and would rather not have another foreclosure on their books. The purpose of a short sale is to get approval to sell a house “short” of the amount the owner actually owes. This is generally the preferable route for all interested parties vs. foreclosure.
Understanding Short Sales
"Mr. Smith bought his house 2 years ago for $200,000 with no money down. He then spent $15,000 on landscaping and kitchen improvements. Mr. Smith was just informed that his company is downsizing and will no longer be requiring his services. Since the purchase of his home 2 years ago, values in the area have been declining and Mr. Smith is now in the unenviable position of being “upside-down” in his property. That is, he owes more than the property is worth. Without a job, Mr. Smith cannot continue to make the payments on his house, nor can he sell the property for the amount owed. Without a change in circumstances, Mr. Smith may likely be headed for foreclosure."The above example is but one scenario of how a homeowner may no longer be able to meet their financial obligation to their lender. The mortgage company cannot expect Mr. Smith to sell his home for more than it is worth and would rather not have another foreclosure on their books. The purpose of a short sale is to get approval to sell a house “short” of the amount the owner actually owes. This is generally the preferable route for all interested parties vs. foreclosure.
If you think that this may be an option for you, please fill in the information below.
Proudly Servicing Since 1995
Gloucester, Isle Of Wight, James City, Mathews, Surry, York Counties
Including Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach & Williamsburg