Home Buying in 23434>Question Details

tracy.a.silva, Both Buyer and Seller in Suffolk, VA

Does anyone know if I go through my loan company to request a short sale or do I go through a real estate agent and let them deal with the bank?

Asked by tracy.a.silva, Suffolk, VA Tue Jul 16, 2013

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I feel that you do need an attorney, along with an experienced agent. There are a lot of documents that the bank will want you to sign. Depending on your loan, you may be asked to sign a promissory note. I would suggest talking with a few agents and definitely consulting an attorney. Feel free to call me if you have questions.
1 vote Thank Flag Link Wed Jul 24, 2013
An agent. Most banks I have worked with when dealing with short sales around the 757 require the agent to upload the forms and assist in negotiating the transaction. Please feel free to contact me locally at 757-560-5645 if you have further questions.
0 votes Thank Flag Link Mon Jul 22, 2013
Hi Tracy,

You will hear a lot of different opinions by asking a lot of different people. From reading the responses here, these professionals in the real estate industry have hit the nail on the head. You've taken the right first step by asking the question. There is a section on my website titled, "So.. What the heck is a Short Sale?". My suggestion would be to take a moment to read it and I would be happy to answer any questions you may have. The URL is listed in my signature line below.

I look forward to hearing from you!

Jeff Lurie
Wainwright Real Estate
Specializing in Suffolk, Franklin, Smithfield, Chesapeake, and Isle of Wight County
Licensed Real Estate Agent in Virginia
"Let's Make Moves Together!"
http://www.myopenhouselist.com
0 votes Thank Flag Link Sat Jul 20, 2013
You do not need an Attorney
You do, however need the co-operation of your Lender:
You should call them, and tell them your intentions. Ask them what they need tp help you.
Different Lenders have different requirements.
If helps if you are "pre-approved for a shortsale",
this is not the same as being "pre-approved" for a loan.
Then, you will LIST the house, with a Realtor, as a Shortsale.
0 votes Thank Flag Link Wed Jul 17, 2013
Each individual situation is unique, not knowing anything about your particular situation...my advice would be to contact an attorney and follow their instruction.
0 votes Thank Flag Link Wed Jul 17, 2013
Tracy,
How you start this process is critical.
Contact a Sulfolk, VA real estate professional who has short sale experence.
They will be able to guide you through the crucial 'first steps' that, if done incorrectly, can doom your effort.
-
You may discover, other options exist.
The DIY option is avaialble, but in these highly complex. convoluted, ill-logical, frustrating transactions, you will find the insight of a professional, invaluable.

Best of success to you,
Annette Lawrence,
ReMax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Jul 17, 2013
Tracy, You need to contact me asap. I am CDPE and have worked on many short sales. Please call me at 403-5401. Thanks Bob
0 votes Thank Flag Link Wed Jul 17, 2013
If you want to sell your home but owe more than it is worth then you need to do a short sale. I recommend you first contact a Realtor who has experience dealing with short sales and work with him and your mortgage holder to accomplish the sale. Banks will not deal with anyone but the mortgagee unless they sign a waiver allowing them to talk with a Realtor as their agent so you will need to get that done once you select a agent.

Your Realtor will then be able to assist you through the long and tedious process of dealing with the mortgage company in getting you approved for a short sale, getting the home on the market, getting an acceptable offer for the home, getting that offer accepted by the Bank and getting the contract closed. It is not an easy task but with a lot of patience and effort on the Realtor and your part it can be done.

I do have some experience dealing with the listing and sale of short sales. If you would like to talk about the process give me a call directly at 757-812-0399 or email me at jb4homes@gmail.com.

John
0 votes Thank Flag Link Tue Jul 16, 2013
Not sure if that is a real "either-or":
Your Lender is YOUR LENDER; they do not work for or with your Realtor. The Loan will be yours, procured because of your personal information, chosen by YOU!
Your Realtor's job is to advise you, find you possible properties, help you with the purchase and protect your interests along the way.
Whether you chose to pursue a Shortsale, an REO, or a Normal sale; the choice is yours and your Realtor will do whatever you request.
0 votes Thank Flag Link Tue Jul 16, 2013
Hi Tracy;

I would suggest consulting with a Certified Short Sale Agent. There are many items to consider with a short sale. Feel free to contact me for a free and confidential consultation.

Best Regards;
Anthony Alleva, CSSA
Certified Short Sale Agent
REO REALTOR®
License #0225-205922
Allison James Estates & Homes
601 Dinwiddie Street
Portsmouth, VA 23704
Cell: (757) 768-9412
Fax: (800) 215-0211
Email: info@anthonyalleva.com
Website: http://www.AnthonyAlleva.com
0 votes Thank Flag Link Tue Jul 16, 2013
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