Short Sale Options
As a homeowner, one of the most difficult decisions you will ever have to make is the choice to sell your home. While listing your home for sale is already an involved process, having to sell your home due to a financial, personal or any other long-term hardship can be stressful and are far from ideal. The Elite 757 Team works with you to help you determine the best course of action for your circumstance. Knowing all the options available to you is key, and if you are struggling with where to begin, we are here to help! One of the best available options for you may be a short sale.
Do NOT trust any company that claims they can keep you out of foreclosure asks you to pay a large upfront fee!!!!!
Jon and Eric are available to answer your questions at (757)716-1189!!!
What is a short-sale? A short-sale is when you sell your home for less than the balance on your mortgage.
You may be eligible for a short sale if:
- You are facing a hardship
- You are behind on your mortgage payments
- You can no longer afford your home and need to move
- You owe more on your home than it is worth
- You have not been able to sell your home at a price that covers your existing mortgage balance
As Hampton Roads short sale experts, we can help you effectively navigate the short sale process. Every seller has a unique set of circumstances, so the short sale process may vary slightly. Below are guidelines and general steps you may be expected to complete
- First, you will need to begin to compile documentation showing your current financial status to support that you are a good candidate for a short sale. This will include (but not limited to) personal information such as bank statements, credit card statements, copies of your current bills, income tax records, pay stubs etc.
- You will need to write a detailed hardship letter that explains the circumstances of your financial situation and why you are requesting to be considered for a short sale. Depending on the lender, this document will either be provided to the lender when your home is listed for sale, or once a purchase agreement your home is received.
- As your Realtors, we will list your home for sale. We will work closely with the bank so that they have the proper information on your home’s value. Our team of experts have SOLD over 950 homes and we are confident that we have a solution for your specific situation
- Once we receive a reasonable offer, we will submit it to the bank and the attorney and start the negotiation process. At that point, the bank will order an appraisal to determine their approved sales prices. If any variation in value is presented between the appraisal and our valuation, we will then provide more information to speed the process up as quickly as possible.
Time is of the essence in short sale so making sure all information is provided in a timely manner, following up with the bank on a regular basis will help avoid turning the short sale into a foreclosure.