Samantha (Moren) Sedlak

John,

Be careful if you are dealing with a short sale, and don't do it without your own agent. A few months ago, I had a ratified contract with a short sale and they agreed on paying my buyers closing costs. The deal did not close because the second mortgage would not agree to the terms of the contract.

Check and see if there is a first mortgage and a second mortgage on the house. The primary (first mortgage) may approve the contract initially, but the second can cause problems later especially if closing costs are involved. I believe there were other reasons why this did not close, but my clients ended up buying a beautiful, newly constructed home instead of the short sale which needed work.

Also be prepared to possibly not close on time. I have seen closings everywhere from 2-3 days to 2-3 months late with short sales right now.

Nehemiah is being phased out in this area, although I am not sure if it has already happened or will be happening soon. Thank you to the Buyer/Seller in CA who mentioned it though, they are absolutely right, it would have been a good deal for you.

VHDA also has some good programs for which you may qualify.

If you have any other questions, please feel free to call me at (757) 810-6153. I do work over in the Portsmouth area. You can check out my website at http://www.HomeSearchVirgnia.com.

Good luck!
Samantha Sedlak-Moren
Abbitt Realty - Tue Aug 5 2008, 15:00

Greg,

Wayne is right. Given the specs of your home and its proximity to the bridge, there are definitely buyers out there right now. If you have not done so already, your home needs to be on the market no later than early September.

A word to the wise, be prepared for people to ask for closing costs and possibly haggle with price. On the flip side, you may be able to do the same thing while you are buying. Just remember to price your home fairly. A well priced house will sell faster and get you moving up to your next home.

I also work in Gloucester. You can check out some of my Gloucester listings at: http://www.HomeSearchVirginia.com.

Have a great one!
Samantha Sedlak-Moren
Abbitt Realty
(757) 810-6153 - Tue Aug 5 2008, 14:40

Just want to make one clarification since Don obviously did not read my entire answer, I too said that your best bet is to stay there. I was just giving an example stating that short sales can happen even when someone is current on their payments. And I did mention that it could negatively impact your loan qualification. I never said it was your best option, nor do I feel that it is in this case. - Fri Jun 6 2008, 10:37

Gary,

You may be able to qualify for a short sale with your lender. I just closed a deal for a client whose appraisal came in much lower than expected based on recent sales. She was not behind in her payments and was not in a foreclosure situation, so it did take 2 months but we got it to close.

If you are okay with staying there, your best bet is to sit tight. A short sale is much better looking on your credit than a foreclosure, but it will still be there and may affect your loan qualification. Another option is maybe buying the 1 acre lot home and renting it until the market recovers. Or maybe do a rent-to-own on your property, with so many people not qualifying for loans, you may be able to find someone who is okay with owner financing.

Good luck!
Samantha Sedlak-Moren
Abbitt Realty
(757) 810-6153 - Tue Jun 3 2008, 15:13

Daniela,

You may want to talk to your loan officer. If you rent your home, so long as you have a signed lease, I think you may qualify for a second loan as if you did not own your current property. I may be wrong on this because I know that loans have changed a lot especially recently.

By the way, I am a local agent and can give you the names of a few loan officers to contact if you would like.

Good luck to you!
Samantha Sedlak-Moren
Abbitt Realty
(757) 810-6153 - Wed Jun 4 2008, 11:23

It partially depends on where in Virginia you are looking, but like I always tell my clients, "if you don't ask for it, you will not get it!" So unless it is a "wow, I have to have that house moment" you may as well try. Also pay attention to market times. When a house has been on for a while (or better yet has been on for a while and is a bank owned property) negotiating is usually much easier.

Good luck in your search!

Samantha Sedlak-Moren
Abbitt Realty
(757) 810-6153 - Wed Jun 4 2008, 11:16