Military Relocation Specialist serving Virginia Beach, Norfolk & Chesapeake Homes for sale
Real Estate by Sean Schroeder, Realtor.  Serving all of Hampton roads!
Always free real estate advice for home buyers and sellers.  
Set up your free home search at www.realty-xchange.net 

 

Realty Executives, is here for you because of the changing market! 

Now offering LIVE HELP!  If you have a real estate question, or a specific need requiring an immediate answer, use our LIVE HELP feature to speak to one of our live agents.  Our Live Agents can answer questions regarding specific listings that you see anywhere on this site, in the MLS or general questions regarding the sale or purchase of homes.  We urge you to take advantage of this free service.

 757-839-3954
sellshort@hrshortsales.com

The Mortgage Debt Relief act of 2007 & the Economic Stabilization Act of 2008 basically state that if you sell your primary residence between 2007 and 2012 then you may not be responsible to pay any taxes on the amount forgiven!!! -- Consult your CPA or Tax Attorney

Foreclosure is not an option that you should accept!  In this economy things happen that are out of your control, military transfers and the list goes on. Even if you are behind in your payments, or soon will be, you have options other than foreclosure!

You will need help if you want to avoid foreclosure. Short sales though becoming more common place, are difficult and require a lot work. Don't be afraid to ask for help.

If you or someone you know are facing potential foreclosure contact us today to arrange a confidential consultation.

Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life's most unpleasant experiences. It is also an event that keeps on affecting you long after losing your home by devastating your credit. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they can't foresee the unexpected. Serious events such as long term illness, major accident, divorce or job loss can happen to anyone. So it's a good idea to understand the available alternatives should the worst occur.

At Realty Executives, we help distressed sellers with their real estate needs. We can expertly market your home where willing and able buyers are looking. We have extensive experience in real estate sales and pride ourselves in providing YOU the best service and experience in the industry. We have the resources to place you in the hands of the industry professional you will need to have the best possible outcome under these less-than-favorable circumstances.

Of all Available Options Foreclosure is the Worst

Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus their cost for the foreclosure action. If that isn't enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain other kind of credit. There is no upside to foreclosure. It should be avoided at all costs.

A short sale is a popular option for homeowners mired down with financial problems. In this case, you would sell your home for less than what you owe your lender; the biggest problem you will face is getting your lender to agree to a short sale. In many situations, they will not agree without the advice of a real estate professionals. Experts advise hiring a Realtor ® , a lawyer, and a CPA the minute you realize that you won't be able to catch up payments and will lose the home. The longer you wait the greater the amount you are in arrears, the less likely it becomes that your lender will be willing to discuss a short sale.

At Realty Executives we have the industry experience, and strategic legal and financial partners to guide you through this very difficult time.

Who to turn to when you owe less than your home is worth?

When your homes resale value is less than what you owe on it and you need to sell, you are looking at a short sale.  But who do you turn to for help the help and guidance?  Every bank has its own rules, the Federal government even has programs and procedures.  All of this requires time and dedication.  You need 2 people working with you.  A Real Estate Agent and a an attorney who understands the rules and regulations to negotiate the short sale process.  

It is the job of the Realtor ( Agent ) to market and sell your home, to communicate with the attorneys and buyers, to keep all parties informed.  In many cases the sellers agent will need to prepare special comps to challenge a banks HIGH price opinion ( BPO ).  The Attorney, is hired by the seller to represent him, in essence the seller is telling the bank to "talk to my attorney".  

A word of caution. 

Beware of non-agent, non-attorneys who promise to 'save your house'.  Before you sign any agreements talk to a real estate pro!  Remember you want an agent who is going to market your home and an attorney who will negotiate a short sale agreement! 

What is a short sale?

A short sale occurs when the sale of the property is less than the amount that is owed on the property.  When a borrower receives an offer to purchase under such a circumstance, the purchase must be made with the contingency that the bank(s) must approve the sale.

Q:  Do I have to be behind to sell my house as a short sale?

A:  No.  However, there are a few rules rules that apply.  The banks will only consider a short sale approval if the borrower can demonstrate a "financial hardship" or a reasonable expectation of such a  hardship. 

Q: My home is no longer worth what I paid for it.  Does this qualify as a hardship?

A:  No, the loss of equity or value of your home is not considered grounds for a financial hardship.

Q:  As the borrower how do I proceed with a short sale?

A:  Every bank is different, but most follow the same core concept.  Just as you    applied for the loan on your home, you have to apply for a short sale.  This process requires that you put together a "short sale" package to include:

• Last 2 W2's
• Last 2 Pay check stubs
• Last 2 bank statements
• Hardship Letter
• Letter of Authorization
• and other documents as required by the lender

Short Sales Seminar for home owners In Virginia Beach and Chesapeake

Do you find yourself "upside down", owing more then what your house is worth?  
Have you suffered a job loss, or anticipate a reduction of your income in the foreseeable 
future?  A Short Sale can help you avoid foreclosure and the government may provide you "relocation" 
money.  There have been many changes to the Treasury departments guidelines for short sales.

Register for the next short sale seminar, send an email with your name, phone number, email address and address to : short_seminar@757realproperty.com

New Short Sales guidelines affective April 5, 2010

Short sales are a norm in today's real estate market.  A short sale occurs when the bank, who holds the mortgage, allows the home to be sold below what the current home owner owes. 

Under  HAMP, Home Affordable Modification Program, exists the new HAFA program or Home Affordable Foreclosure Alternatives program.  HAFA provides incentives to the home owner and the bank to pursue a short sale solution.

Changes to the Short Sale Process

• Pre-Approved Short sale terms
• Sellers are fully released from future liability ( 1st mortgage )
• In order to help prevent second charge lenders from holding up short sale approval, they will receive a minimum of $3,000 from the sale proceeds and a further $1,000 from the government.
• Those short selling a house will get $1,500 in financial assistance from the federal government to help with the cost of relocating to a new family home.
• Lenders will have 10 days to approve/reject an application.
• Borrowers will be given a minimum period of 90 days to sell their home.
• Under the new guidelines, struggling homeowners are advised to make contact with their lender(s) as early as possible in order to determine what they deem a fair sale price to be.

Caution:  Beware of investors who act as they have
your best interest in mind.

Are you behind in your house payments due to a mortgage product that got out of control, loss of a job, separation or some other unplanned event? 
You don't have to go it alone!  There are various options available to stall or even temporarily stop foreclosure.  Fact is that the banks don't want to foreclose the average foreclosure has been estimated to cost banks over $50,000!, and if the bank does foreclose it could cost you up to 7 years on your credit report.  7 years before you can purchase a home, purchase a car and in some instances rent a home!   

Call me today, let me review your current situation and present you with a plan.  It is up to you to decide what to do.  My time is your time, call today for your free confidential consultation Day or Night!
 

Sean Schroeder, REALTOR
757-839-3954

 

Short Sales, Bank Owned, REO properties in Virginia Beach, Chesapeake, Norfolk and Suffolk Homes for sale by the banks!  Currently banks are taking homes at 20,30,40 percent below market price! Interested?  Check out this list of Bank Owned Homes Once you take a look, call me!

Equal Housing Opportunity ( EHO )