Charlottesville Short Sale Success Tip #2: Hire an Experienced Short Sale REALTOR®

Charlottesville Short Sale Success Tip #2: Hire an Experienced Short Sale REALTOR®

Charlottesville Short Sale Success TipsSo you’ve decided to list your Charlottesville home as a short sale. A short sale is not like a traditional real estate transaction. Any real estate agent can list a short sale. However, an ordinary REALTOR® is not going to have the specialized knowledge and experience needed to quickly and efficiently process a short sale. You need an experienced Charlottesville Short Sale Agent who understands the short sale process.

How do you know if a REALTOR® specializes in short sales? A qualified short sale listing agent is going to conduct a thorough short sale evaluation. No two short sales are alike. Every short sale seller has different reasons for participating in a short sale. Also, there are numerous factors that can determine the outcome of a short sale. A Short Sale Specialist knows the key to a successful short sale transaction is doing the homework up front to understand the unique circumstances of each sale.

There’s no getting around the fact that short sales are complicated transactions. Countless problems can and probably will come up during the short sale process. But, selling your Charlottesville home as a short sale does not have to be a nightmare. If you do your due diligence and hire an experienced Charlottesville Short Sale Agent your short sale can be approved with minimal stress.

If you are thinking about selling your Charlottesville home and you anticipate a short salecontact us for a FREE, no obligation, confidential consultation to evaluate your options. Don’t wait, get the help you need before it’s too late!

CALL TODAY
It’s extremely important to speak with an experienced Short Sale Agent as soon as possible!
434.882.1055

Disclaimer:
The content provided is for informational purposes only. We can not give legal or tax advice. It is highly recommended that you consult with an attorney and tax accountant regarding the specifics of your situation to determine the best solution for you.

Photo Credit: Wikipedia (Creative Commons: Universal Public Domain).

Copyright © 2011 by Allegra Williams
Charlottesville Short Sale Success Tip #2: Hire an Experienced Short Sale REALTOR®

Charlottesville Short Sale Agents | Emergency Homeowners Loan Program (EHLP)

Charlottesville Short Sale Agents | Emergency Homeowners Loan Program (EHLP)

Charlottesville Short Sale Agents | Stop Foreclosure

Are you in danger of losing your Charlottesville home to foreclosure? Piedmont Housing Alliance (PHA) has been approved to offer Charlottesville area homeowners facing foreclosure help through a brand new federal program, the Emergency Homeowners Loan Program (EHLP). EHLP is designed to provide emergency mortgage assistance to homeowners who are temporarily and involuntarily unemployed due to the economy or a medical condition and are at risk of foreclosure. Eligible homeowners may qualify to receive a 0% interest, forgivable loan that pays past due mortgage payments, as well as a portion of the homeowners future payments up to 24 consecutive months, not to exceed $50,000.

Piedmont Housing Alliance is currently accepting pre-applications for the program until July 22, 2011. Demand for EHLP emergency mortgage assistance is expected to be extremely high. If there are more potentially eligible homeowners than there are funds available to assist them, homeowners with eligible pre-application screening worksheets may be entered in a random lottery. Homeowners selected through the lottery will be contacted and given an appointment to complete a full EHLP application. If you or someone you know is behind on their mortgage payments due to unemployment or a medical condition, contact PHA immediately.

Piedmont Housing Alliance
1215 East Market Street, Suite B
Charlottesville, VA 22902
(434)817-2436, EXT 105

View more information about the Emergency Homeowners Loan Program at http://www.findehlp.com or call the toll-free EHLP hotline at (855)346-3345. Please note there are NO FEES associated with the EHLP loan program. Any company asking for a fee to participate in the program is probably a scam.

As Charlottesville short sale agents, our favorite alternative to foreclosure is to help homeowners stay in their homes. Unfortunately, the EHLP loan program won’t be able to help all homeowners. Due to the limited availability of funds, some qualified homeowners will not be selected to complete a full EHLP application. Futhermore, all homeowners who complete a full EHLP application may not be approved to receive assistance. If you have exhausted all options to stay in your home, you still may qualify to avoid foreclosure through the short sale process. Contact an experienced Charlottesville Short Sale Agent today for a FREE, no obligation, confidential consultation to evaluate your options.

Photo Credit: Respres on Flickr (CC BY 2.0).

Disclaimer:
The content provided is for informational purposes only. We can not give legal or tax advice. It is highly recommended that you consult with an attorney and tax accountant regarding the specifics of your situation to determine the best solution for you.

Copyright © 2011 by Allegra Williams
Charlottesville Short Sale Agents | Emergency Homeowners Loan Program (EHLP)

 

Charlottesville Short Sale Buyers | Don’t Forget to Change Your Locks!

Charlottesville Short Sale Buyers: Change Your Locks!

Charlottesville Short Sale Buyers | Change Your Locks!Have you just purchased a Charlottesville short sale? When purchasing a home, there’s simply no way of knowing if you have received all of the keys to your new home at settlement. After settlement, the first thing you should do is change or re-key the locks. While you’re at it, you should also change the garage door code and alarm code. The people who could have access to your new home are truly limitless. You don’t want the seller’s household help, contractors, neighbors, friends, kids at college or renters walking around with keys and codes to get into your new home.

Whether purchasing a Charlottesville short sale, foreclosure, new construction home or resale home, it’s a good policy to immediately change or re-key the locks and update the garage door and alarm codes as needed. It’s a small price to pay for your personal safety and peace of mind in your new home.

If you are interested in buying a short sale or selling your home as a short sale you need an experienced Charlottesville Short Sale Agent. Contact us today for all all of your Charlottesville short sale needs.

Photo Credit: Bohman on Flickr (CC BY 2.0).

Copyright © 2011 by Allegra Williams
Charlottesville Short Sale Buyers | Don’t Forget to Change Your Locks!

Charlottesville Short Sale Success Tip #1: Contact Your Lender

Charlottesville Short Sale Success Tip #1: Contact Your Lender

Charlottesville Short Sale Success TipsCommunication with your lender is key to achieving a successful Charlottesville short sale. As soon as you start experiencing financial difficulties contact your lender. The worst thing you can do is to ignore the problem. The sooner you reach out for help the more assistance your lender may be able to provide. Your lender may have foreclosure prevention programs available to help you.

Unfortunately, not every distressed homeowner can or should save their home. If you are significantly upside down in your Charlottesville home or facing extenuating circumstances that will have a long-term effect on your finances a Charlottesville short sale may be your best solution. The main goal of a short sale is that you get out from under your mortgage debt. Our Charlottesville short sale agents attempt to negotiate all of our short sales so lenders waive their deficiency judgement rights although this can NEVER be guaranteed.

A Charlottesville short sale can be a win-win solution for all parties involved. It’s a common misconception that the lender wants your house. In reality, the foreclosure process is expensive for lenders so they would much rather find a way to avoid foreclosure. If your only choice is a foreclosure or short sale, in most scenerios a short sale is going to be a better choice.

If you are thinking about selling your Charlottesville home and you anticipate a short salecontact us for a FREE, no obligation, confidential consultation to evaluate your options. Don’t wait, get the help you need before it’s too late!

CALL TODAY
It’s critical to speak with an experienced short sale specialist as soon as possible!
434.882.1055

Disclaimer:
The content provided is for informational purposes only. We can not give legal or tax advice. It is highly recommended that you consult with an attorney and tax accountant regarding the specifics of your situation to determine the best solution for you.

Photo Credit: Wikipedia (Creative Commons: Universal Public Domain).

Charlottesville Short Sales | What’s an Acceptable Hardship?

Charlottesville Short Sale HardshipsDo you owe more on your Charlottesville home than what it’s worth in today’s real estate market? Unlike a traditional seller, a Charlottesville short sale seller must obtain approval from their lender(s) to accept a short sale. In most cases, a lender is going to require a demonstrable financial hardship to approve a short sale.

What is a short sale hardship?

A hardship is a material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage. A lender is going to require you to prove this hardship by submitting a signed hardship letter along with supporting financial documentation. Just wanting to walk away because you’re upside down in your home is not a hardship and more than likely will not qualify you to complete a short sale.

What are acceptable short sale hardships?

There are many valid reasons why a homeowner may find themselves in imminent danger of being in default. Here’s a non-exclusive list of situations a lender may take into account when reviewing a short sale package:

  • Unemployment
  • Loss or Reduction of Income
  • Business Failure
  • Bankruptcy
  • Medical Illness or Disability
  • Medical Bills
  • Too Much Debt
  • Mortgage Payment Increase Due to a Rate Adjustment
  • Divorce or Separation
  • Incarceration
  • Death
  • Job Relocation
  • Military Duty

Can a seller qualify for a short sale without a hardship?

Yes, it is called a strategic short sale. A strategic short sale is when you can afford to make your mortgage payments but since you owe more than your home is worth you strategically decide to sell your home and pursue a short sale.  There are no guarantees a lender will approve a short sale without a hardship. It’s also likely that the lender may require a strategic short seller to participate in the transaction by making a cash contribution and/or signing a promissory note. Remember, every bank is different so guidelines vary from bank to bank.

A short sale is not like a traditional real estate transaction. Not all real estate agents have the specialized knowledge and experience to quickly and efficiently process a short sale transaction. Hiring an experienced Charlottesville short sale agent could mean the difference between facing foreclosure or not.

Are you thinking about selling your Charlottesville home as a short sale? Each situation is unique, contact us for a FREE, no obligation, confidential consultation to evaluate your options. Don’t wait, get the help you need before it’s too late!

Disclaimer:
The content provided is for educational and informational purposes only. We can not give legal or tax advice. It is highly recommended that you consult with an attorney and tax accountant regarding the specifics of your situation to determine the best solution for you.

Photo Credit: Lumaxart on Flickr (CC BY-SA 2.0).

What is a Charlottesville Short Sale?

What's a Charlottesville Short Sale?A Charlottesville short sale is when a seller owes more on their home than what they can sell it for in today’s real estate market. The seller must negotiate with their lender(s) to accept a payoff less than the balance due on their mortgage(s).

The seller still owns the home in a Charlottesville short sale listing. The seller has the right to accept or decline any offer. However, the seller’s acceptance of an offer must be contingent on lender approval. Once there is an executed contract between the buyer and seller it is submitted to the bank(s) for lender approval.

This is when the waiting that’s typically associated with a short sale begins. In my experience, the more lien holders involved the longer the review process since every lien holder with a financial interest in the property typically must agree to the short sale. Examples of some junior lien holders that could complicate a Charlottesville short sale transaction are second mortgages, HELOC lenders, HOA and tax liens. The lien holder(s) can either accept, counter, or decline the short sale offer.

Clearly, a Charlottesville short sale is not like a regular real estate transaction. It requires specialized training and knowledge. Hiring an experienced Charlottesville short sale agent can make all the difference in achieving a successful short sale transaction.

Do you think you need to list your Charlottesville area home as a short sale? Don’t wait, call Allegra Williams at 434.882.1055 for a FREE confidential phone interview to discuss your options.

Disclaimer:
The content provided is for informational purposes only. We can not give legal or tax advice. It is highly recommended that you consult with an attorney and tax accountant regarding the specifics of your situation to determine the best option for you.

Photo Credit: SMJJP on Flickr (CC BY 2.0).