Your local Northern Virginia Realtor

Strategic Short Sales

What is a Strategic Short Sale?

This is an option when you wish to sell your home, but the mortgage balance that you owe is greater than the market value of your home.

Strategic Short Sale vs. Foreclosure

If you are in a situation where you might face foreclosure, you may wish to choose a strategic short sale instead. Many lenders are willing to accept current market value as payment in full, regardless of the mortgage balance (for example, if your mortgage balance is $485,000 but you current property value is only $325,000). The current economy has been forcing many of us to face unforseen compromises, and lenders find that they need to compromise, too. A short sale will negatively affect your credit, but not as much as a foreclosure. Also, a short sale allows the seller to maintain more control of the sale.

When to Avoid a Short Sale

If you're happy in your home, and your budget seems to be working, don't let lower market values frighten you into selling. Sometimes, the best action is to do nothing.

How Do I Go Forward with a Short Sale?

Accomplishing a succesful Strategic Short Sale is going to involve selling your house, negotiating with the lender(s), and doing the necessary paperwork. It gets a little complicated, so we have an easy way to handle it all for you. We have organized the process into simple straightforward steps, and we handle the details for you.

 
As with a 'regular home sale' I'll be the Keller Williams Realtor taking care of your listing and home sale. I'll also be the one who walks you through the simple steps to engage a home rescue attorney, who will then be handling the paperwork and negotiations with your lender.  

OK, It Sounds Simple Enough, So What's the Catch?

There is no catch.
As a Seller, you get to avoid the difficulties of handling negotiations with your lender and trying to figure out what information is needed where.
As a Realtor, I pay the Home Rescue team a fee out of my commission, but it's worth it to offer this service to my clients.
The Lender gets to avoid a foreclosure, which could end up being more costly than accepting the proceeds of a short sale. Ideally the lender would be paid in full, but as we all know, this economy is hitting all of us pretty hard, and we all have had to compromise. But if the lender is going to be dealing with a short sale, at least the lender will have a neatly-organized package to consider.