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.
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
