Since the home crisis began, there have been a number of education and certification programs for agents.
My suggestion is you first find an agent who has either the SFR or CDPE designation. These agents actually have formal training in short sales.
After that, take a deep breath, and interview three quaified and certified agents. Ask them to tell you about other short sales they have worked. The key is getting your lender and any secondary lenders on-board with your case.
Agents should explain how they plan to do that. They should also ask you a long list of "qualifing questions".
You will need to supply a lot of your financial documents.
Only about 20 percent of short sales are really short sales in our experince. The rest are really foreclosures, since the owners may have waited just too long. A lost job is a very good hardship case.
If you are dealing with a situation where you have other assets, I suggest you speak with a bankruptcy attorney before listing your home. You may have options that would need the help of an attorney to protect your remaining assets.
Ryan C. Sanford
Branch Vice President
13204 Hull Street Road
Midlothian, VA 23112
804-218-3409 direct mobile
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"Allegiance is the #1 selling RE/MAX Company in the World."
Declaring bankruptcy is not a qualifying item for a short sale. However, lenders will require that you complete a "financial worksheet" outlining your assets, liabilities and income, (and as a part of this you must include the bank/institution documents substantiating these figures) to demonstrate your inability to pay the deficient amount of the loan payoffs.
You indicated in your question above that you have cash assets. If these cash assets are available to pay the deficient amount, you will not qualify for a short sale.
I hold the SFR (Short Sale and Foreclosure Resource) designation and will be delighted to discuss the short sale process with you and answer all of your questions.
REALTORÂ®, Senior Housing Specialistâ„¢, e-PROÂ®, SFR
Licensed in the Commonwealth of Virginia
Virginia Properties, A Long & Foster Company
412 Libbie Avenue, Richmond, VA 23226
Web Site: http://www.TonyProto.com
As I'm sure you know, the Fan is a unique historic area, and the price per square foot for home - and to a lesser extent, condo - sales can vary from $100/SF to over $300/SF. That's a pretty daggone broad range. If you have to sell, the first criteria should be to find an agent familiar with the specific product type and location. That means someone with BOTH condominium experience and Fan expertise. I would also strongly suggest you seek an agent with short sales expertise and knowledge. But an ability to accurately evaluate your property's current value is the most critical factor, I would argue. Folks who don't do Fan work just can't help you here.
That said, to get back to your original question: Job loss is typically a "hardship" sufficient to qualify for a short sale. But there are lots of levels of consideration in the process. Do you truly owe more money on the property than you could expect to receive in an arms length sales transaction? Have you talked to a realtor or realtors with expertise in the location and property type to confirm your conclusions? Could you sell your condo for a loss, lose your equity, but move on with your life in a different place and in a different job?
Short sales are HARD. There are actually lots of disincentives for lenders to do short sales, which creates extremely perverse situations where it is more profitable to at least some of the stakeholders (originator, servicer, or investor) to foreclose on the property. So the process is extremely complicated. I wish the guidance were better. Get the best advice you can, evaluate your options, and make the best decision you can make for yourself and your circumstances. And good luck to you.
Melissa Loughridge Savenko
2) Ask them how many short-sales they have personally successfully negotiated within the past 12 months. Have them print out their short-sale transactions with their MLS ID clearly shown from the local MLS to prove it.
3) Call some of those sellers to see what they thought of their experience with the agent.
4) Ask how many of those short-sales were with the same bank(s) that your loan(s) is/are with.
5) Ask the agent a ton of questions about short-sales to see if they know what they're talking about.
And of course...see if you click with them personally. With a short-sale, you'll be working with them for 3 to 6 months (or more) so you want to make sure you can stand them for that period of time.
As for "Realtor designations", they're great...for a Realtor's resume. Experience FAR outweighs any designation that has to do with short-sales or most anything else for that matter.
P.S. Your question about bankruptcy is beyond the scope of what just a real estate agent can advise you on. That's a lawyer question.
Real Estate Consultant/REALTOR(r)
Certified distressed property expert on short sales
Mike Atkinson Team
511 N Meadow
But I say ask how many transactions the agent has done in the past year, how many of them were short sale LISTINGS and how many have closed and the reason that the others haven't closed. Talk to a few agents.
I think the best agents do all types of transactions. The truth is, short sales are easy now in most cases and anyone that works, doesn't drag their feet and has common sense should be successful.
Please call me as soon as possible so we can get you on your way to a more secure future!
A Long & Foster Company
We can advertise it for rent for you PLUS list it for sale. If we can rent it first you may be able to avoid the short sale. I'd be happy to give you an expected market rate for the property as a rental- completely free. Just email some details of the property and the address.
Tara Semtner, REALTOR
Snipes Preferred Properties
(c) (804) 551-0785
I am sorry to hear about your situation. Please contact me via phone or email to schedule a consultation.
Justin Toney, REALTORÂ®, SFR
Short Sales and Foreclosure Resource Certification
Austin Properties Inc.
P.O. Box 8321
Richmond, VA 23226
Mobile: (804) 543-6303
Fax: (804) 543-6303
â€œI pledge to serve my clients to the best of my ability in an honest and ethical manner.
I pledge to be the best person, son, American, friend, and real estate professional that I can be.
I pledge to continually improve myself and my business.
I pledge to never compromise my values or those of my clients for material gain.â€
Member of the:
National Association of Realtors
Virginia Association of Realtors
Richmond Association of Realtors
Licensed real estate salesperson in the Commonwealth of Virginia
Check us out at http://www.snipesproperties.com. Feel free to call me for any info or help you need in understanding which route would best serve your needs.
Tara Semtner, Realtor
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