Behind on your mortgage? You have more options than you think, and less time than you'd like.
If you owe more than your home is worth, or you've fallen behind on payments, a short sale may let you sell, settle the debt with your lender, and move forward without a foreclosure on your record. I've done this work at volume, and I'll tell you honestly whether it's the right path for you.
I've done this before, a lot
From 2008 through about 2015, my office closed more than 500 short sales and earned lender approval on roughly 95% of the short sale files we submitted. Some were approved in under 90 days. Others took more than a year of work. Every file was different, and the difference was almost always preparation: a complete file, every party cooperating, and a realistic offer in front of the lender.
Your options, laid out plainly
A short sale is one option, not the only one. In our first conversation we'll look at all of them:
Catch up (reinstate).
If the shortfall is temporary, bringing the loan current may be the simplest answer.
Loan modification.
Your lender may change the terms. I'll refer you to a HUD-approved housing counselor, whose help is free.
Sell with equity.
If you owe less than the home is worth, a fast listing or a direct sale to me may protect your equity before foreclosure costs eat it.
Short sale.
Your lender agrees to accept less than what's owed so the home can sell.
Deed-in-lieu.
In some cases the lender will take the property back without a foreclosure sale.
How a short sale works with me
- 1
We talk. Your situation, your lender, your timeline, and whether a short sale makes sense at all.
- 2
We build the file. Hardship letter, financials, and documentation, assembled completely the first time. Incomplete files are the number one reason short sales stall.
- 3
We list and market the home to find a buyer whose offer the lender can approve.
- 4
I negotiate with your lender, and with any second lien holders, through approval.
- 5
We close, and the debt is settled on the terms the lender approved.
Two MLS systems, not one
Every short sale I list goes into the local Eastern Shore Association of REALTORS MLS, where Shore agents work every day. It also goes into Bright MLS, one of the largest MLS systems in the country, which puts your home in front of thousands more agents and their buyers across the Mid-Atlantic. More buyers competing means a stronger offer to put in front of your lender.
Relocation assistance
In every short sale, I ask your lender to include funds to help you relocate, and I push for it. There's no guarantee, since some lenders say no, but sometimes they agree. You won't get it if nobody asks.
What it costs you
My commission is approved by your lender and paid from the sale at closing. You never write me a check, and I never charge an upfront fee. Some lenders ask a homeowner with other assets to contribute toward the shortfall. If that's likely in your case, I'll tell you early and negotiate it.
Talk to your attorney and CPA
A short sale can have legal and tax consequences, including whether the lender can pursue the remaining balance. I'm a real estate broker, not an attorney or tax advisor, and I encourage every short sale client to get that advice before signing the final approval.
Frequently asked questions
Don't wait
Virginia foreclosures don't go through the courts, so they can move faster than people expect. The earlier we start, the more options you keep. I work with a limited number of sellers at a time so every file gets my personal attention. If you're behind, reach out now.