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Unemployed A…, Home Seller in 23220

Help! I need to sell my "luxury" fan condo ASAP. How do I find an agent experienced in short sales?

Asked by Unemployed And Hurting, 23220 Thu Dec 16, 2010

I lost my job a year ago and have given up on finding employment in the Richmond area. I owe more on my high-end condo near VCU than current market prices. I still have cash assets and a retirement account but do not want to deplete all my savings. Am I a candidate for a short sale or do I have to go bankrupt first to demonstrate hardship to lender?

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Our area is a little too far North, but here are some guidelines:

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.

Good luck,
Jay
Web Reference: http://TalleyHurstHomes.com
1 vote Thank Flag Link Thu Dec 16, 2010
You are in a very popular area! I know that a short sale may be one option, but have you considered renting your home? You may be able to hold onto your property until the market is a bit stronger and cover most of your current mortgage payments. This is just a thought.

Hilary Miller
Remax Today
804-837-7256
0 votes Thank Flag Link Sat Dec 18, 2010
Hello- I am the Manager of the office and teach classes on short sales. I have completed nearlytwo dozen to date with a 98% success rate. I currently have 5 short sales under contract now. Call me at 804-218-3409 and I will be happy to answer any questions you may have about the process.

Ryan C. Sanford
Branch Vice President
Supervising Broker
RE/MAX Allegiance
Richmond Office
13204 Hull Street Road
Midlothian, VA 23112
804-218-3409 direct mobile
866-744-5239 direct fax
866-416-1200 office
http://www.ryantherealtor.net
http://www.ryansanford.com
"Allegiance is the #1 selling RE/MAX Company in the World."
0 votes Thank Flag Link Fri Dec 17, 2010
First know that you do have options, and you can make choices that will lesson the long-term impact of your predicament. As a CHRE (Certified Home Rescue Expert) I highly recomend viewing the videos by Jerry Boutcher. As this economic Katrina puts more and more people of good intent underwater, banks and others recognize that it is to their interest to work with you. Having an agent at your side to walk with you thur the process is critical. I would love to talk to you about just that.
Charlotte Shirey
804-237-8560
0 votes Thank Flag Link Fri Dec 17, 2010
First know that you do have options, and you can make choices that will lesson the long-term impact of your predicament. As a CHRE (Certified Home Rescue Expert) I highly recomend viewing the videos by Jerry Boutcher. As this economic Katrina puts more and more people of good intent underwater, banks and others recognize that it is to their interest to work with you. Having an agent at your side to walk with you thur the process is critical. I would love to talk to you about just that.
Charlotte Shirey
804-237-8560
0 votes Thank Flag Link Fri Dec 17, 2010
Hello,

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.

Tony Proto
REALTOR®, Senior Housing Specialist™, e-PRO®, SFR
Licensed in the Commonwealth of Virginia

Virginia Properties, A Long & Foster Company
412 Libbie Avenue, Richmond, VA 23226
Office: 804-287-4686
Email: Tony@TonyProto.com
Web Site: http://www.TonyProto.com
Web Reference: http://www.TonyProto.com
0 votes Thank Flag Link Fri Dec 17, 2010
Lord a Mercy! I don't see much guidance, just a lot of "call me, I can help you!"

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.

Best regards,

Melissa Loughridge Savenko
E-mail: melissasavenko@mail.com
C: 804-986-3993
0 votes Thank Flag Link Thu Dec 16, 2010
No you do not have to go bankrupt to qualify for a short sale and your 401k and retirement will not be touched. Go to my website at http://www.marysnellings.com and it will answer alot of your questions. You will have more and feel free to contact me and I will do my best to answer all your questions that I can with no obligation to use me as your Realtor. Get answers to all your questions and feel comfortable before you pick a Realtor to short sale your property. Good Luck and don't hesitate to ask questions.
Web Reference: http://marysnellings.com
0 votes Thank Flag Link Thu Dec 16, 2010
1) Interview several real estate agents before making your decision on which one to use.

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.

Good luck!

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.

Danilo Bogdanovic
Real Estate Consultant/REALTOR(r)

http://LoudounForeclosures.com
http://LoudounScene.com
0 votes Thank Flag Link Thu Dec 16, 2010
I can sell it. I'm very familiar with the fan and luxury properties. If you want to talk about how we can sell it for the most money in 60 days or less please call or reply .

Certified distressed property expert on short sales

Mike Atkinson Team
REMAX Allegiance
804-419-1218
0 votes Thank Flag Link Thu Dec 16, 2010
Please know you should seek legal as well as financial advice in this regard. My office is located in the Fan and we specialize in and sell a lot of properties in the area. However, prior to jumping into the "short sale" pool, there is much for you to know to make sure you are not selling yourself short, thereby jeopardizing your financial future. There may be alternatives that will better suit you and your personal situation.

Deborah Edgar
RE/MAX Commonwealth
511 N Meadow
804-612-2723
Web Reference: http://www.deborahedgar.com
0 votes Thank Flag Link Thu Dec 16, 2010
Short Sales are 80% of my business and I work the Fan district. If you want to sell quickly please call me asap and I will guide you through the process.

Eugenia Lockett
REALTOR
804-399-6369
0 votes Thank Flag Link Thu Dec 16, 2010
Regardless of what other posters say, experience far outweighs designations. I have taken many programs not found any to be of value. They are just ways that people are sucking money from REALTORS. Can't blame the agents for trying to learn about the unknown. And, cant blame them for hoping that customers or clients will believe they're "experts" when they have the designation....after all, it cost them time and money to take the course and earn the designation.

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.
0 votes Thank Flag Link Thu Dec 16, 2010
You find an agent with knowledge of short sales.....either a CDPE certification or an SFR certification. You need someone who knows the process and how to get through all the red tape. DO NOT file bankruptcy....that will hurt your credit more significantly and you will need to forever answer the question on a Mortgage application that you HAVE had a Foreclosure and filed Bankruptcy. You really don't want to do this. I have successfully managed multiple short sales and would be happy to walk you through the process to educate you help you out of this situation.

Please call me as soon as possible so we can get you on your way to a more secure future!
0 votes Thank Flag Link Thu Dec 16, 2010
You can definitely pursue a short sale when you can't sell your home for what you currently owe on it. I am happy to help answer your questions about selling your condo short. I have experience with short sales and can help you through the process.
Sincerely,

Susan Fisher
Associate Broker
Virginia Properties
A Long & Foster Company
804-338-3378

susan.fisher@longandfoster.com
0 votes Thank Flag Link Thu Dec 16, 2010
I'd be more than happy to educate you on the process of a Short Sale. Give me a call when you have a few minutes.
Elizabeth Wright
Realtor
Associate Broker/SFR
(804) 305-1958
RE/MAX Allegiance
0 votes Thank Flag Link Thu Dec 16, 2010
See my previous post and link below from our website. This explains how to qualify and the process.

http://www.snipesproperties.com/short-sale-richmond-va/

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
http://www.snipesproperties.com

(c) (804) 551-0785
0 votes Thank Flag Link Thu Dec 16, 2010
Hello,

I am sorry to hear about your situation. Please contact me via phone or email to schedule a consultation.

Justin

Justin Toney, REALTOR®, 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
Email: Justin@JustinToneyRealtor.com
Email: Jtoney2@gmail.com
Website: http://www.JustinToneyRealtor.com

Mission Statement:

“I 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.”

Member of the:
National Association of Realtors
Virginia Association of Realtors
Richmond Association of Realtors

Licensed real estate salesperson in the Commonwealth of Virginia
0 votes Thank Flag Link Thu Dec 16, 2010
First, do not panic. You do not need to go bankrupt! I'd be happy to help you I have the Short Sale and Foreclosure Resource designation, and we at Snipes Preferred Properties are well-established in handling short sales. Also, can you rent it and move somewhere less expensive? We are also a property management company and can rent this for you to possibly avoid a short sale. We just leased 2 high-end condos near VCU in the past 2 weeks. We acquired tenants within a week.

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
tara@snipesproperties.com
(804) 551-0785
0 votes Thank Flag Link Thu Dec 16, 2010
Please call Austin & Julie Karvelis with ERA-Woody Hogg & Associates. We handle short sales! You do not need to file for bankruptcy.
Thanks! 804-908-2020
0 votes Thank Flag Link Thu Dec 16, 2010
Please call me for a private and confidential meeting in reference to Short Sales at your convenience.
0 votes Thank Flag Link Thu Dec 16, 2010
Please call me when you have a chance

To your success,

Michael MYAOUENUH
Century 21 New Millennium: #1 Firm in the US
Cell: 202 704 1249
Fax.: 202 204 8419
5990 Kingstowne Towne Center/ Alexandria, VA 22315
Email: michael.mya@mris.com
Licensed Realtor®/ NAR
English – Spanish - French
"It only costs you to get the Best Deal
when I negotiate for you."
0 votes Thank Flag Link Thu Dec 16, 2010
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