HOW LONG WILL IT TAKE? The Short Sale negotiation process is a lengthy one. It may take several weeks or more likely several months to get an approval. Many Lenders have several layers of bureaucracy, insurers, and investors that we will have to maneuver through in order to get a Short Sale approved. So it is important to be patient during this long process, we have professional home buyers in Fairfax that assist us to quickly sell your home.

BUT MY HOUSE IS GOING TO FORECLOSURE, WILL I HAVE ENOUGH TIME? Maybe, maybe not. Just starting a Short Sale will not automatically stop a foreclosure. However, many times we can convince a Lender to stop the foreclosure to let us attempt to negotiate the Short Sale. Here in Northern Virginia, we have investors that can buy your house for cash. So, while there are no guarantees, it does not hurt to try.

CAN I STAY IN THE HOUSE? The key word in “Short Sale” is sale. The purpose of a Short Sale is to get the property sold. So you will be moving. This is not a program that can stop a foreclosure and allow you to keep the house indefinitely. It will be easier to sell the house in Fairfax if it is vacant, so you should make plans to move as soon as possible.

HOW DO I KNOW THIS WILL WORK? You don’t. We cannot, have not and will not make any promises to you that this will work. Once you missed a payment, the Lender is in charge and can proceed to foreclosure if they want to. But we know they do not want to and we are very good at presenting alternatives to the Lender that they often want to accept rather than foreclose. We are very good at what we do here in Fairfax Virginia, but NO PROMISES are being made as to whether or not the Lender will accept a Short Sale, they may or may not. That being said their are Lenders who are very difficult to work with and just this week This week the White House and the Treasury Department are sending warnings to Lenders that unless they act with greater dedication to modifying or negotiating short sales for troubled borrowers’ loans the consequence will be a public call out of those lenders who are uncooperative.

WILL I GET ANY MONEY FROM THE SALE? A universal requirement of Lenders in granting a Short Sale is that the borrower will not get any proceeds from the sale of the property. The Lender is going to take a loss on your loan, they are not going to let you get any money. So, that means home sellers in Northern Virginia and accross the United States will not receive any money at closing.

WHAT HAPPENS IF THIS DOESN’T WORK? Your house in Fairfax VA will likely go to foreclosure. A Short Sale is something we try after you have exhausted your other options. We are a dedicated group of professionals in Fairfax Virgina that believe in helping others.

WHAT IS A “RELEASE”? A Lender may offer to “release its security interest against the property in exchange for less than the total amount of the note. A release will allow the property to be sold without paying off the obligations of the note. However, the note is not satisfied. Advantages: This successful Short Sale will allow the property to be sold and thus avoid a foreclosure. Disadvantages: The remaining debt on the property (sometimes called a “deficiency”) still exists. You are still liable for the note – in other words – you still owe the money. Reality: It is not likely that the lender will pursue the deficiency unless you have other significant assets, and if you don’t try a Short Sale and the property goes to foreclosure, you are going to have a deficiency anyway.

WHAT IS A “SATISFACTION” A Lender may agree to accept less that it is owed as complete and total satisfaction of the note and release it’s lien against the property. Advantages: Your note and obligation to the Lender are satisfied for less than owe. When the property is sold, the debt is paid off completely. Disadvantages: You may have some tax consequences that you should discuss with your tax advisor due to the fact that the Lender is making money you owe disappear. At times in Fairfax our negotiations are successful in obtaining a satisfaction. Sometimes all we get is a release.

WILL THERE BE TAX CONSEQUENCES? If we are successful in obtaining a full satisfaction, then there will be tax consequences just like winning the lottery, getting a raise or finding a bag full of money. Essentially a satisfaction of a debt is like finding a bag full of money and you should consult with your tax advisor as to whether or not a successful Short Sale will result in any taxes owed. However, we know of very few people who do not want to win the lottery because there may be tax consequences. We do have a FREE REPORT that may assist you and your tax accountant just visit our web site for more information.