Hi! Dan Rochon with Keller Williams Realty and greetingsvirginia.com, Short Sale Specialist from Virginia, Maryland and Washington D.C. Oftentimes people ask me, “Should I pay my mortgage if I’m going through a short sale process or should I not?” Quite frankly, I’m not comfortable advising you on your personal finances, what I’ll tell you is two things: One, do what’s best for you and your family always. I’m very comfortable telling you to do that. Secondly, what we know is that a short sale is a negotiation with the bank and a bank is most likely to consider you on a short sale when they feel that it’s a choice between that and a foreclosure. What we’ve found is that our clients were unable to continue making their mortgage payments and fell behind were more likely to get their short sale approved than our client who are not and are able to sustain their payments. I know it doesn’t make sense, it’s sort of you know, it’s like that when you are trying to do the right thing and make your mortgage payment, they make it harder for you but that’s just been our experience. If you have any questions about your specific situation or if you have any question about short sale in general at all. Go and give me a call on the phone number on this form or fill out the contact information, I’m happy to attend to any of your questions. Thanks!

Hey! I’m Dan Rochon at Keller Williams Realty in greetingsvirginia.com, servicing short sale clients in Virginia, Maryland and Washington D.C. Often, I’m asked by my clients about “How much does a short sale cost?” Well, the  good news is in most  cases, it’s not going to cost you anything. The reason why this is true is because the banks pay the traditional costs such as closing costs, the commissions that are involed in a short sale and the bank, the reason why they are willingto pay these is because they know that given the choice between a foreclosure or a short sale, they are going to be in a better financial position if they go ahead and approve the short sale and go ahead and to pay all the costs that are involved in it. There are costs that may be incurred if it’s a foreclosure, it would be things such as eviction may be, property preservation, property maintainance, or may be fees or relocation assistance, plus the attorney’s fees. So really, the banks, they’re in a better financial position to they approve your short sale, go ahead and pay the commissions and honestly, it shouldn’t cost you anything. If that is some of the government program, you may even be eligible for some money at closing to come to you from the government.

So to find out more, contact me now by dialing the phone number on this web page or by filling out the contact form on this web page. I’m looking forward to helping you. Thanks!

Some buyers have made offers on short sales, then waited as long as six months or more, only for the seller to be denied the short sale or of been foreclosed on.

HOUSE HUNTING ADVICE: A crucial fundamental to buying a short sale is to pick the best property and the right agent to represent you. You do not want to make an offer on a short sale that will never close. The right agent can advise you on the best strategy for success. Closing a short sale involves teamwork from all parties involved.

When buying a short sale, your agent should ask:

1) Who will be negotiating the short sale? Be sure that whoever is negotiating on the seller’s behalf is qualified with experience. The #1 skill set that results in success in the negotiations is commitment from the seller’s reprsentation. Be sure that the seller’s team is dedicated to the success of the short sale and that they will never give up on the transaction.

2) How many short sale transactions have they completed in the past 6 months? You will have a better chance of closing a short-sale deal if the listing agent has experience doing short sales and has a plan for how to accomplish a sale.

3) How many loans are on the property? The more liens on the property equal the more challenges.

4) Who are the lenders? Not all lenders are the same in regards to their willingness to cooperate.

5) How much is owed on the property? A bank will do a short sale if they are in a better position than if they were to foreclose. In most cases, even if there is a large defieciency, the lender will be inclined to accept the short sale.

6) Has a Broker Price Opinion been completed? A BPO is the bank’s first step in determining the accepted amount that they will approve a short sale for. If they have already completed this step, then they are closer to success.

7) Has the property previously been under contract with another buyer? If it has been, then it is likely that the long process of the short sale has already begun. Properties that have already been under contract often have a better chance of getting approved.

Is there a pending foreclosure date? You do not want to be in a position to get under contract with a seller that will likely lose their property to a foreclosure.

9) How many months behind on the mortgage are the sellers? The longer behind on their payments, the more likely that the seller will be foreclosed.

Remember that not all short sales are created equal. Be sure that your agent gets the above information prior to writing an offer on the, “Home of your Dreams”.

About the Author: Dan Rochon, specializes in Short Sale representation and selling luxury homes, Associate Broker in VA, MD at Keller Williams Realty, Alexandria, Kingstowne, VA, Co-Founder of GreetingsVirginia.com, and media consultant for struggling home owners. Dan and his team have been featured on NBC Nightly News, The Today Show, CNBC, The Washington Post, The Washington City Paper, OutFront Magazine by Keller Williams Realty, WTOP News, The Washington DC Examiner, and other media publications.

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In certain qualified cases where a homeowner owes more in their home than what is it worth today, a lender may allow that homeowner to sell the property for less than the mortgage  balance  and accept a short sale. A short sale allows the homeowner to sell their home to a buyer thereby avoiding a lengthy  foreclosure process. They can be damaging to the credit and future ability to purchase real estate. To qualify for a short sale as a homeowner you must meet three simple requirements.  1) You must have a financial hardship or a verifiable reason why you are unable to pay  your mortgage payment. 2) You must have insolvency or in the eyes of the bank you must not have the cash or assets to pay off your mortgage balance and 3) You must have a monthly short fall or verifiable financials that show that each month you can’t afford all of your monthly payment obligations including your mortgage. If you meet these three simple requirements it is very possible that with the right real estate agent you will be able to negotiate a short sale.

Hi! This is Traci Rochon at greetingsvirginia.com. Today, I’m talking to you about a very difficult situation which is divorce. Often, clients come to us during this difficult life changes and both the husband and the wife just want out, to move on to the next step. If this is what’s happenning  to you, you do have options. A short sale is a very good solution in a divorce situation where the husband and wife are inamicable and their home is upside-down on value. If you and your spouse are separating and if you owe more on your Virginia, Maryland or D.C. home than what the property’s worth, call the phone number on this web page now or fill out the form on this web page. There’s no reason to let your home go into a foreclosure just because you are going through a divorce. If you are ready to put this behind you now, contact us now. Thank you very much.