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).


7 Responses

  1. Santa Maria Short Sale Agents

    This is a great explanation of what a Charlottesville short sale is all about. Sellers looking to do a short sale need to find an experienced Charlottesville short sale agent, like yourself, to accomplish the task.

  2. North Kingstown short sale agent

    As a Charlottesville short sale agent you deliver the needed information a seller contemplating a short sale needs to know. Sellers need to know they need not to work with any realtor but one that knows how to do a short sale successfully.

  3. Lakeland FL Short Sale Agent

    There are still many home owners who still don’t know what a short sale is. You as an experienced Charlottesville Short Sale Agent certainly give the consumer valuable information.

  4. Chicago Short Sale Agents

    You are so correct when you said that Charlottesville short sale is not like a regular real estate transaction! Sellers who owe more than the market value of their home should consult a knowledgeable Charlottesville short sale agents to find out if a short sale is an option for them to avoid foreclosure.

Leave a Reply

Your email address will not be published. Required fields are marked *