Should I be looking at listing the property as a assumable VA loan first, before a short sell or Foreclosure?

Asked by Mniehus, 85339 Thu Aug 27, 2009

I am in a rock and hard place. I have a second home that I am either going to have to short sale or foreclose on. Should I be looking at listing the property as a assumable VA loan first? What is the typical lead time and success rate in doing this given currently mortgage rates? My rate for this property is currently at 5.5 Who should I be contacting to start this process? Does the realtor assist / guide the seller in this process?

Please advise

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Abe Mills, Agent, Greenville, SC
Thu Aug 27, 2009
I feel listing it as assumable will get some quick attention, but I would also drop the bottom out of it, and try to sell it conventionally as well. Get with a good REALTOR as soon as possible, you might only have one shot at this.

Good Luck!
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