Charlottesville Short Sales
Underwater in Your Home? | You May Qualify For a Short Sale!
It’s likely you’ve probably heard the term “short sale” by now. A Charlottesville short sale is when a seller owes more on their home than what it can sell for in today’s real estate market. This is also commonly referred to as being “underwater” or “upside down” in your home. The seller must work out a deal with their lienholder(s) to accept a payoff less than what they are owed.
A Charlottesville short sale seller still owns their home, so they have the right to accept or decline any offer. However, the seller’s acceptance of an offer must be contingent on lienholder approval. Once there is a signed contract between the buyer and seller, it is submitted to the lienholder(s) for short sale approval.
This is when the waiting that’s typically associated with a short sale begins. In my experience the more lienholders involved the longer the review process, since every lienholder with a financial interest in the property typically must agree to the short sale. Examples of some junior lienholders that could complicate a Charlottesville short sale transaction are second mortgages, HELOC lenders, HOA and tax liens. The lienholder(s) can either accept, counter, or decline the short sale offer.
Clearly, a Charlottesville short sale is not like a traditional real estate transaction. It requires specialized training and knowledge. You need a real estate agent negotiating your short sale transaction to achieve the best possible outcome for you. Hiring an experienced Charlottesville short sale agent can mean the difference between receiving an approval or denial of your short sale.
Do you think you need to list your Charlottesville home as a short sale? Don’t wait, call Allegra Williams at 434.882.1055 for a FREE, confidential phone interview to discuss your options.
The content provided is for informational purposes only. We can not give legal or tax advice. It is highly recommended that you consult with an attorney and tax accountant regarding the specifics of your situation to determine the best solution for you.