Traci and I are honored to have been recognized in the media for our success with selling short sales in Virginia, Maryland, and Washington DC. Our adventure has led to mentions in local and national print, radio, and television appearances.
Since we deal with buyers, sellers, mortgage brokers, finance professional and other Realtors every day, we are “in the trenches” and in the position to suggest story ideas and help the media identify and recognize trends, opportunities and problems before they manifest.
Traci and I are available for interviews to news conglomerates including newspapers and broadcast media. We are knowledgable about real estate, real estate trends, foreclosures, short sales, and the local real estate market in the Washington DC metropolitan area including VA, MD, and DC. We are responsive to media requests and understand deadlines. To contact us, email Dan@GreetingsVirginia.comor call 703-562-1791
We consider ourselves fortunate to have been featured on:
“My wife and I recently completed the short sale of our home in Virginia, and we couldn’t have done it without the help of Dan and Traci & Consultants and their expert team. Our transaction was a short sale and despite the difficult and frustrating process, Dan and Traci were there every step of the way pushing the bank, finding us a buyer and answering our questions. We had some issues at closing but Dan and Traci made everything work. If we had to do it again Dan and Traci Consultants are who we would want in our corner.”
Many people are walking away from their mortgage in a strategic default so that they can save money by not paying their mortgage during the long foreclosure process. This is happening so often that banks are changing their strategies. Recently, Bank of America changed its loan modification program http://www.cnbc.com/id/37471499
The longest that we have seen a home owner remain in a home while not paying their mortgage was about 2 years. This long time was a result of both an apparent strategic default from the prior home owner and a delayed time in an eviction. Around Thanksgiving 2008 we were asked by a bank to sell a property that had recently been foreclosed on. We assume that it was anywhere from 6 months to a year prior to the bank hiring us that the former homeowner did not pay their mortgage. It took until March of 2010 for the bank to evict the former owner and now we have been managing extensive repairs that are costing the bank more than $30,000. We hope to have the repairs completed and have the property on the market in the next month or so and to sell it as soon as possible.
We often have conversations with homeowners that are upside down on their mortgage and decide to stop making their mortgage payments despite their ability to continue to do so. This happens mostly when the homeowner anticipates that a foreclosure is more beneficial than waiting for the home to regain value. Mostly the home owners believe that a strategic default will serve them well. Many times the homeowners approach these conversations without thought as to the long term impacts that a foreclosure may have on them.
When the home owner has a valid financial hardship, they probably qualify for a short sale instead of doing the foreclosure. As Virginia and Maryland are considered recourse states, lenders can pursue a deficiency of the balance of the loans after a foreclosure. When home owners do a successful short sale, most times the bank will forgive any deficiency.
Selling your home as a short sale can never be an easy decision, but in most cases it is a far better alternative than foreclosure. To successfully sell your home as a short sale, there are a few vital steps that you should prepare for.
1) DO YOUR RESEARCH. If you are upside down on your mortgage, you have a valid financial hardship, and you need to sell, a short sale may be your best choice. The first step to starting this process is to find a real estate agent that is experienced in closing short sales. When you are interviewing agents, ask, “how many short sale transactions have you successfully closed?” Many agents claim to be experts; it will serve you best to select one that truly is a short sale specialist with experience in closing deals.
2) GET STARTED. The longer that you wait to get the short sale process started, the more obstacles will have to be overcome. The short sale process can be lengthy and if you are facing a foreclosure date, will be much more complicated. Do not wait until it is to late. As soon as you realize that you can no longer afford your home and need to sell, start to interview real estate agents. (One of the most frustrating thing that I deal with in my real estate sales career is meeting people that are facing imminent foreclosure or have just recently lost their home that ask me if they have options – the truth is, in most cases they could of avoided their dire situation if we had talked months ago, but now it is to late).
3) KNOW YOUR TAX RESPONSIBILITY. As I am not an accountant, I will not consult on tax matters, but suggest that you do your due diligence about your potential tax burden. Check the IRS website and speak with your accountant to get guidance.
4) LISTEN TO YOUR REAL ESTATE AGENT. If you have done a good job in selecting a qualified real estate agent to represent you, they will have the experience to successfully guide you through this process. Understand that a short sale is not the same as a traditional sale and there will be things unique to your situation that your real estate agent will guide you through. Various paper work will be required; when you applied for your loan, you needed documents such as pay stubs, tax returns, etc – essentially, you are now unapplying for the loan and will need the same documents that you originally needed. Acknowledge that your home is not worth what you bought it for. It will have to be priced to the market – not to what it was worth in 2006. Again, your agent will guided you through the proper pricing.
5) PREPARE FOR TURBULENCE. Selling your home as a short sale can be a difficult experience. Understand that you will get frustrated at some point during the transaction. A great real estate agent will properly and consistently communicate with you during the process even if there has been no new news to update. Prepare for an emotional journey and understand that if you hired correctly, you have an expert that will guide you through to the end.
My sales team has closed numerous successful short sales in Virginia, Maryland, and DC. Through our experience and through national media exposure with venues such as NBC Nightly News with Brian Williams, The Today Show, The Washington Post, and many more featuring our short sale success, we have met short sale experts across the country. Contact me, Dan Rochon at Dan@GreetingsVirginia.com if you would like a referral to a short sale expert in your area. Best of luck!!
Are you eligible to qualify for the Home Affordable Foreclosure Alternatives (HAFA) in Virginia, Maryland, or Washington DC? If you are facing a foreclosure in VA, foreclosure in MD, or foreclosure in DC, you may be eligible for a short sale, and if so, your lender may participate in HAFA. What is HAFA and how does it help you? Watch this video to find out:
