Short Sale Guide

    Short Sale Guide

     Selling your home, but owe more than it’s worth?

     A Short Sale may be the best option for you!

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    The Kris Weaver Real Estate Team Short Sale Guide

    What is a Short Sale?

    Short sales (aka short-fall or pre-foreclosure sales) are intended to help homeowners sell their property in a situation where the amount owed on the home may be more than its current value. Once you are pre-qualified by the Kris Weaver Real Estate Team, the property is listed for sale at an amount that is less than the total owed. Once the property is sold, the homeowner is released from the mortgage obligation.

    A short sale can be a solution to help you avoid foreclosure and may have a less negative impact on credit scores. It may also allow a homeowner to be eligible sooner to buy a new home under Fannie Mae guidelines.

    In some cases, you may be offered cash out at closing (known as ­relocation assistance) to help you move to your next home. In order to learn the ­conditions of your specific situation or to address any questions or ­concerns, contact the Kris Weaver Real Estate Team Short Sale Team today.

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    To Qualify for a Short Sale

    • Your house must be worth less than you owe on it.
    • You must be able to prove that you are the victim of a true financial hardship, such as a decreased in wage, job loss, or medical condidtion that has altered your ability to make the same income as when the loan was originated.

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    Who Do I Contact With Questions or Concerns?

    SHORT SALE TEAM- the Kris Weaver Real Estate Team Experts has the knowledge, information, and ­responsibility to assist you. You can call the Kris Weaver Real Estate Short Sale Team at 1.757.340.5555, Monday – Friday 9:00 am – 5:00 pm ET.

    For HUD-approved counseling call
    1.877.877.1995. Assistance from HUD- ­approved housing counselors is FREE.

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    Short Sale VS. Foreclosure

    Foreclosure happens when you fall behind on your house payments and the bank in turn takes possession of your property. Foreclosure has a huge impact on the borrowers credit making it difficult, sometimes impossible to take out another loan. Also, if a homeowner goes into default it can take up to 5 years to purchase a future home. A short sale is often used as an alternative to foreclosure because it allows the homeowner to purchase sooner and has less damage to their credit

    In a short sale the bank lets the delinquent homeowner sell the home for less than what’s owed. The borrower finds an agent and puts the house on the market at a substantial discount in the hope that the lender will recoup the majority of what the homeowner still owes. Short sales give the owner more control and often saves them money.

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    The Short Sale Process

    Listing:

    A short sale is listed and advertised like any other property. Often times, it is promoted as a short sale in order to enhance its visibility

    Purchase Offers:

    Offers are sent directly to Kris Weaver Real Estate Team, and we have a dedicated short sale phone line that will provide residential or commercial real estate agents fast answers and evaluation of offers.

    Closings:

    Upon approval of an offer, Kris Weaver Real Estate Team will assist in arranging the closing and have all proper documentation prepared. Your Kris Weaver Real Estate Team representative will contact you with all closing date information and let you know if additional information is needed.

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     Your Next Steps

    Step 1: Contact The Kris Weaver Real Estate Team Today!

    If you think a short sale might work for you, your first step is to
    contact Kris Weaver Real Estate Team today. Our experts can
    answer questions and offer guidance to make the process go as smoothly as possible.

    Residential short sales 1.757.340.5555

    Step 2: Return all Requested Financial Information

    Your Kris Weaver Real Estate Team representative will advise what documentation is required. Once we have received all information we will begin the process of evaluating your situation. Financial  forms may include:• Reason for Hardship Letter
    • 4506 T or 4506 T EZ
    • W2s from previous 2 years
    • Third Party Authorization Form
    • Last two years’ tax returns
    • Two most recent bank statements
    • Completed “Request for Modification & Affidavit” (if applicable)
    • Recent pay stubs

    Step 3: Arrange for an Interior Evaluation

    Before we market or list your home, we must obtain an evaluation
    of the interior of the property.

    Kris Weaver Real Estate Team will order the evaluation. We’ll work with you to schedule a time for our agent to visit the property to conduct the analysis. Helping us get this done right away will allow us to quickly and easily evaluate offers, saving you and your agent time.

    Call us today to set up your interior evaluation 1.757.340.5555

    Step 4: List the Property with one of our Agents

    Kris Weaver Real Estate Team can help you list your
    home and market it better than any other real estate
    company in Hampton Roads.

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    Frequently Asked Questions

    How Long Does A Short Sale Take?

    With Kris Weaver Real Estate Team helping, the process should go quickly providing there are viable offers being made. Like all real estate sales, local market conditions will determine marketability. In many markets today, short sale properties attract special attention by serious, value-focused buyers.

    Are There Other Options To Avoid Foreclosure?

    A short sale is not your only option. A modification
    is intended to help homeowners stay in their homes by making mortgage payments more affordable. A deed-in-lieu of foreclosure, where a homeowner voluntarily transfers ownership of the property to their motgage lender, can also avoid a ­foreclosure. Call Kris Weaver Real Estate Team to learn more about your options.

    Does A Short Sale Effect My Credit?

    A short sale can have a less negative impact on credit scores than foreclosure and may allow a ­homeowner to be able to buy a new home as soon as two years, under Fannie Mae guidelines.

    What Price is my Lender Willing to Accept?

    Your Kris Weaver Real Estate Team representative will work with you to ensure that a fair offer is accepted for the property. That price will depend on the current fair market value of the property.

    Please contact your Kris Weaver Real Estate Team representative for conditions regarding government sponsored programs such as HAFA that also provide relocation assistance for those who are able to ­complete a short sale

    I Have Received A Foreclosure Notice. Can I Still Do A Short Sale?

    Yes, in some cases it is possible to do a short sale up
    until the day of a foreclosure sale. However, you should contact your Kris Weaver Real Estate Team representative for more information about your ­particular situation