It is why Realtor get the Short Sale Real Estate Specialist designation. It is a great basis of understanding that is only augmented by handling multiple short sales from both the buyer and seller sides of the transaction.
Having done exactly this over the past 5-6 years, I ensure the represented buyer or seller gets the very best help and ensure they make "Always the Smart Move:!
Got more questions? Please call me at 757 580-6546
Rose & Womble Realty
Licensed in VA & NC
I am a local Real Estate Investor and have completed short sales myself, my quickest one was in 21 days, from the package being submitted to getting an approval from the bank. The important thing to understand is you can be asked to pay back the different the bank loses, usually a 20 year note with no interest. We also seek a waiver of those judgements. It's important to know what to expect and how long it will take. When in doubt, ask for proof. Don't just go with anyone who thinks they can submit a short sale package. It's an art to what to include and how to word it. So look for results before I let any agent or investor attempt a short sale on your property! It could be a mess, or a blessing.
I'm not leaving my web address, because I'm not looking to solicit customers, just help answer questions.
There is no need to go to foreclosure with this option available. If you go to foreclosure, you will decrease your credit score from 250 -290 points. Also this might stop you from repurchasing again in the future. With a short sale, your credit score will drop between 80-100 points and you will be able to repurchase. Please contact me if you are a seller in need of this.