What is a Short Sale?

Short Sales in Richmond Va are simply when you sell your home for less than what you owe and the bank agrees to forgive the difference. If you are considering a home sell or buy, here are the details about Short Sales. For short sale listings, call or contact me.

For example, you owe $250,000 on your home but it has a current market value of $200,000.  If you do not have $50,000 to pay the difference, then you would need to complete short sale in order to sell your property. The bank will agree to let you sell the property for current market value and write-off the difference.

Nearly one out of every five real estate closings is now a short sale. Realtor Scott Dearnley has the professional expertise and persistence needed for these types of complicated transactions.

In fact, he has successfully handled the property and home closings of well over 50 short sales in the Richmond VA region over the last several years. He understands and debunks the many myths and fears that exist among short sale sellers and buyers alike. Scott is able to navigate the process and achieve the results desired by sellers in need without compromising any of the personal attention and service you deserve.

What will it cost me?

For most sellers, the answer is nothing!  Realtor Commissions and Closings Costs will come out of the net proceeds that go to your lender when the short sale closes.  In many situations, the amount that you are “short” is also absorbed by the lender.  In some rare cases, the lender may require you to pay back a small amount or ask that you to sign a note for that amount.  This decision will depend on their analysis of your financial position.

How do I initiate Short Sales in Richmond VA?

The first thing you need to do is hire a realtor that specializes in Short Sales in Richmond, Virginia. Be careful because not all realtors know how to successfully complete the process.

Scott, who is also a CPA (Certified Public Accountant), has earned the SFR designation (Short Sale and Foreclosure Resource).  He has closed transactions with major lenders including:  Bank of America, SunTrust, Wells Fargo, GMAC, CitiBank, Chase, Litton, GreenTree, Aurora, Seterus, VHDA, and more.  Lending institutions are changing requirements, procedures and qualifications almost daily.  Scott knows how to correctly handle these changes, making offers more effective and reducing the typical time for approval.

Scott knows how to communicate directly with Asset Managers, lenders and banks to streamline the short sale process in order to significantly raise the chances of success and reduce the time for approval.

Put Scott's extensive experience and track record to work for you. He has happy clients to prove it! Call Scott TODAY at 804-938-5277 or fill out the online form to start the process and get a list of the documents that you will need to gather to start a Short Sale.