Richmond Short Sale Specialist
What is a real estate short sale in Richmond?
A quick sale inÂ real estate, also commonly called a short sale, happens when a lender is willing to accept a lower pay offÂ on a loan than what is currently owed due to the borrowers inability to continue making payments.
What does it take to qualify for a Richmond Short sale?
While lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for aÂ Richmond short sale.Â
- Negative EquityÂ - The proceeds from the sale of the property, after all closing costs
are paid, are less than the amount currently owed on the property,
- Financial InsolvencyÂ - Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
- Financial hardshipÂ - Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few.Â Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell.Â
Is it possible for me to get money back for completing a short sale?
Until recent times, it was almost unheard of for a home owner to get money back in a short sale.Â Things have changed for the better.Â TheÂ HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program.Â We have seen home owners get as much as $35,000 back to complete a short sale.
Who will pay the Richmond short sale RealtorsÂ® commission?
In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including yourÂ Richmond short sale specialistÂ as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.
How Can aÂ Richmond short sale specialistÂ help me?
As aÂ RichmondÂ short sale specialist, I have helped many home owners who are in aÂ difficult financial season get a fresh start with a short sale.Â Short sales are not part of our "basic training" asÂ real estate agents, and are something that should only be left to those of us who are especially qualified and experienced.Â Experience is everything when it comes.Â I'll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender.Â VisitÂ my websiteÂ for more information on theÂ short sale process.
Charles G. Cornwell
License Number: 0225074941
~ Your RichmondÂ Short Sale Specialist RealtorÂ® ~