My New Blog

As I have become somewhat of a Short Sale expert in by listing area, I have listed and sold many properties in recent months. 2 things I would like to discuss:

1.) For the Seller: If you are in troubled times and your mortgage is getting unbearable to to financial circumstances, selling your home via "Short Sale" may be the way to go. Basically, the bank is allowing you to sell the home for less that what is owed on the mortgage.  This will prevent foreclosure but, you will take a hit on your credit possible 50-100 points. If you are already late on your payments, you have already taken a hit.  In Virginia, I have seen no cases that the seller has been forced to repay the remainder. Besides, it costs the banks more money to foreclose a home than to short sale and they really do not want any more toxic loans on their books.

2.) For the Buyer: Patience is a virtue. If you can out wait the banks decision, you can get some incredible deals.  If you are trying to get the $8,000 tax credit, time is not on your side at this point. Some banks approve the short sale fast and other's do not overly care like Bank of America. In essence, you are getting a home that is below true market value and you stand a great chance to build equity in your property very fast.

The big picture: the big 6 are trying to stream line the process and make it much better.  There are new incentives for banks to short sale starting April 2010.  Some of the banks have already adopted the policies and I think things will become a bit smoother.

If you know someone looking to buy a short sale or needs to sale their property in my listing area of Roanoke, Franklin, Bedford, Betetourt Counties and Smith Mountain Lake, Virginia, I can help.

I am a SFR (Short Sale and Foreclosure Resource Certified) by the National Association of Realtors and there are only about 100 of us in the local board of REALTORS with a membership of 1450.

To note: I also have attorney's that work for my company specifically.  They negotiate the short sales with the lender on my behalf and the results have been amazing.

Walt Turner - REALTOR, ABR, SFR

540-493-4469

WTurner@jetbroadband.com