• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Williamsburg VA Short Sales/ Foreclosures



Williamsburg Va real estate search

Williamsburg Va real estate search

What is a short sale?

A short sale is actually very simple to explain, yet very hard to negotiate. In a nutshell, a short sale is when the bank accepts a payoff via a sale that is less than what you owe. Even if you owe about the same as the value of your home, you most likely will still have to do a short sale.


Here’s why:
1st Mortgage Payoff: $350,000
2nd Mortgage Payoff: $75,000
Total Payoff: $425,000
Current Value: $400,000
Costs of sale: Attorney Fees, Transfer Fees, Home Inspection Items, Realtor Fees, Misc Costs. All of these costs put you in a negative equity situation. Don’t Worry ~ There is a way out!!


How do you get a bank to accept a short sale?
The art of negotiating a short sale comes with experience only! You don’t just know how to negotiate a short sale by taking a class, reading a book or surfing the net ~ it comes with experience!!! It involves negotiation with the loss mitigation department of the mortgage company or companies if there are 1st and 2nd mortgage notes. Each mortgage company is different and they do not all play the game the same way! DO NOT trust just any agent to list, sell and negotiate your short sale. If they can’t explain the process in depth, RUN AWAY!!!!

Why would a bank agree to accept less than what is owed?
A short sale is a win / win situation for everyone involved. For the seller, they get to avoid a negative foreclosure on their credit. For the bank they get to avoid the costs of foreclosure, which are massive.

Who pays all of the associated costs of a short sale?
This is all in the negotiation process, but the simple answer is this: If you don’t have any money, then the bank will pay the costs that cannot be covered. They are very willing to do this in most cases to avoid foreclosure. Banks are not in the home ownership business!!

For further information about  foreclosures, short sales ,real estate , homes, communities or building lots in Williamsburg, James City, New Kent or York County Virginia  contact:

John Womeldorf/ REALTOR

Liz Moore & Associates 757 254 8136

What’s My Home Worth ?  Click here to find out.

..See what clients are saying about Mr Williamsburg  

John@MrWilliamsburg.com  email

www.MrWilliamsburg.com/   website

www.MrBurg.com website


www.MrHamptonroads.com/  website

www.MrTidewater.com/   website

www.MrVaBeach.com/  website


Williamsburg Real Estate Resource. Search for Homes & Land for sale in Williamsburg Virginia & surrounding areas  click here :CLICK HERE WILLIAMSBURG VA MLS HOME SEARCH

  CLICK HERE FOR Real Estate Home Search  Tidewater Hampton Roads Va 


My other area Real Estate and Information Blogs for Hampton Roads/ Tidewater/ Williamsburg Virignia and surrounding areas

Williamsburg Real Estate Blog II

Williamsburg Real Estate Blog

Williamsburg Happenings/ Events Blog

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Williamsburg Va real estate search

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