Virginia REALTOR® Offers Homeowners Tips to Prevent the Sabotage of their Short Sale Property
Manassas, VA (PRWEB) July 21, 2008 -- It might be a beautiful single family detached house in the suburbs or, a charming three level townhouse close to all of the area amenities but, if the seller casually mentions that they are 120 days behind on their mortgage...a prospective buyer may walk without writing an offer on that property.
"I think what hurts some home seller's right now is that they want to be helpful, and they may feel that by giving information freely about their home...that information might entice the prospective buyer to write an offer on their property," said Keith M. Elliott Jr. a REALTOR® with RE/MAX Olympic Realty. "Their comments, unknowingly, can also backfire," he added.
Elliott believes that if a homeowner were to make a comment about being 120 days behind in their mortgage, a prospective buyer might then decide after hearing that comment to wait until the bank forecloses on the property instead of writing up an offer. These buyers are speculating that they might be able to buy the home at a much lower list price directly from the bank. Whereas if the homeowner had not mentioned the loan delinquency, the prospective buyer may have asked their real estate agent to write up an offer on the property that day. "Speculation is a form of gambling...not a wise investment strategy," Elliott said.
Real Estate Agents commonly advise their Seller clients to leave the home when another agent arrives to conduct a showing. Other agents advise to refrain from engaging a conversation with the showing agent and prospective buyer while the home is being shown. Any questions that come up during that home tour will usually be discussed between both the Listing Agent and the Selling Agent at a later time.
Short Sale listings and Real Estate Owned (REO's) property listings make up the majority of active listings in Prince William County, Virginia. For a short sale to be effective, the Owner of that property should work with the Lender to fill out, submit, and seek approval of a hardship application package. It is also vital that the real estate agent selected by the homeowner to represent them in that transaction, fully understands the short sale process and requirements for each lender, as well as how many trusts are on the property. "I've seen several deals fall apart because the Lender had not received all of the paperwork they required," Elliott said.
So, what exactly is a hardship application package?
A typical hardship application package might include the request of such documents as; the last two year's tax returns with schedules and W2 forms, copy of last two month's pay stubs, bank statements covering all accounts for the last two months, hardship letter explaining reason for delinquency, proof of hardship (divorce decree, layoff letter, medical bills, etc.). And if applicable, a copy of the listing agreement, a copy of the estimated closing costs worksheet, as well as a copy of a signed offer to purchase contract.
Advice to homeowners who are trying to sell their homes - Find something else to do with your time while your home is being shown.
About Keith M. Elliott Jr.:
Mr. Elliott assists clients in the sale and purchase of Prince William County Virginia real estate. He does this by carefully listening to your current needs and then creating an action plan to achieve a timely solution at the least expense and inconvenience to you.
Contact Information:
Keith M. Elliott Jr.
Prince William County Real Estate Expert
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist®
RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott @ comcast.net
Website: MyRealtorKeith.com (http://www.MyRealtorKeith.com)
Blog: Active Rain Blog (http://www.activerain.com/kelliott5264)
Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved.
All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission. Each RE/MAX office is Independently Owned and Operated.
# # #
Related Articles:
CynergisTek Leads Realtor® Secure Certification Evaluation for Metrolist
Metrolist addresses important information security initiatives.
Our First Home At Miami Real Estate Market
There are a lot of stories to hear in terms of buying a new house, but the most selling stories that you can hear is the stories of those newly wed looking for a new home a Miami real estate market. The excitement that they have in looking for a home to buy is really amazing and you can see the sweetness in them searching for a home. But there will always come a time that they will have a little fight in making decision which home to buy.
Real Estate Investing - And What The Rich Do
So many people - regular people like you and me - are completely mystified when it comes to the rich. They talk like they think you have to be born rich or that there is some sort of sorcery that people do to make themselves rich. They talk as though it is completely beyond them, that it is almost an impossibility for them to ever be wealthy, or say that you virtually have to sell your soul in order to achieve real wealth.
Mortgage Lenders Are Dropping Like Flies With Their Little Legs Turned Up And Kicking
In the wake of negative news after negative news stories filling page after page of print media coupled with negative outlook stories air time on radio and TV the public is found pacing the floor wondering what is going on. Fear can be a crippling emotion to many would be investors who thought nothing of buying a high priced property a year ago with little prospect of even breaking even. Everything was going to be made on the come. The savvy investor who has experienced a cycle or two now recognizes the opportunity knocking at the door. Yes, some areas will get a bigger bounce than others, BUT in the worst of the worst economically depressed areas there are deals which can make sense. There are areas where the affordability index is still ...
New Guidance In Confusing Real Estate Market - Just Released 2008 Report on Real Estate Trends.
"2008 is going to be a very difficult year for real estate brokerage companies, mortgage companies, Realtors® and Realtor® Associations," says Swanepoel and "if they wish to survive the year and remain relevant and prepared for 2009 and 2010 they must clearly understand the changing real estate environment." Never before has the industry experienced so much change; change which has resulted in a widespread level of uncertainty and fear. What was important last year may not even be relevant this year. This is why reading the Swanepoel Trends Report keeps you one step ahead of the competition and change.
Using the Service Provided by Commercial Mortgage Brokers Could Make Obtaining Finances Easier For Your Business
Seeking a commercial mortgage can be time consuming and difficult It can be quite a responsibility making sure that you have acquired the most suitable deal and achieved the best terms possible for your business
Mortgage Borrowers are Wasting £480 Million a Year on Overpriced Mortgage Insurance, Says Burgesses.com
Mortgage borrowers are wasting £480 million a year on overpriced Mortgage Payment Protection Insurance (MPPI) according to Burgesses.com who say that a staggering 90% of mortgage borrowers purchase cover from their lenders instead of shopping around for a better deal. In fact, even in the first year alone the average mortgage borrower can make substantial savings by switching to an independent provider.
How to Find the Right Mortgage
A mortgage that is properly suited to an individual?s needs when buying a home can save the individual thousands while a mortgage that has not been properly tailored to their needs can place the house and the individual?s financial future in jeopardy. And because there are so many types of mortgages and mortgage products available, it?s essential to have a basic understanding of mortgages before choosing which one is the right one.
Store Card Spend Escalating As Mortgage Gets Paid On MasterCard
To try and stay in the black, consumers are using cash and store cards for their purchases more and more. Retail establishments such as M&S and Debenhams have reported more cash and store card purchases. There is a decreased use in credit card spending in stores, mainly, it is is believed, because shoppers are now having to resort to using them to pay for basic household expenditures, such as utilities and mortgage or rent.
A Mortgage Protection Quote is Cheaper With an Independent Provider
By choosing where to take out your mortgage protection as opposed to adding it in with the borrowing can save you an enormous amount of money In some cases a mortgage protection quote taken this way can save you as much as 40% in comparison to the high street lenders
Make Sure You Get The Best Holiday Let Mortgage Deal
Once you have found the property which you want to buy with the hope of turning it into a venture that will make you money, the final step is to get the best holiday let mortgage deal.
Land for Sale Web Site LANDflip.com Continues Exponential Growth Despite Real Estate Downturn
LANDflip, the premier Web-based land for sale marketing service for connecting real estate professionals with land purchasers and investors, is proud to announce that LANDflip.com has experienced exponential growth and reaches further than ever into the most vital portions of the real estate marketplace.
House Mortgage: Are You Getting the Best Rate?
Getting the best rate for a house mortgage are often associated with getting the lowest rate. The truth is, lower rates may not live up to your expectation and higher rates may be the one you are looking for, thus, low rates do not always equate to cheapest loan. We will discuss how this happens later.
Do I Have To Buy Real Estate Through An Agent?
Sometimes when we are very busy professionals and very rich it might be convenient to let an agent do the groundwork for us. Letting them make appointments, drive to the property, roam through house after house sizing them up until they find a few great homes that might be just perfect for us.
Are You Being Charged These "Fees" On Your Mortgage Loan?
Many mortgage brokers add in fees to your mortgage loan that aren't completely necessary to process your loan. Sometimes, either the fee itself is not necessary or it can be too inflated. If you are educated about your mortgage loans and the fees involved, you may be able to negotiate for lower fees.