Register Now
Already registered? Login

Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*

Quick Search

view all



No Min.

No Max.

Scott Dearnley

Joyner Fine Properties
Henrico, VA 23294

Contact Me

Contact Me

* fields are required

Short Sales in Richmond VA


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.



The 5 Pervasive Short Sale Myths that confuse potential short sale buyers and sellers.

Short Sale Myth #1

"Some sellers consider just giving the keys back to the bank or walking away because a short sale ruins their future credit."

False. A short sale is much better from a future credit worthiness perspective. Sellers don't know that doing a short sale helps them preserve their credit and that they can be eligible for a home mortgage again in as little as 24 months.

Short Sale Myth #2

"A short sale does not eliminate the debt of the mortgage."

False. By working with the bank on a short sale, most sellers can typically totally eliminate all of the debt of their mortgage. There are two types of short sales, the kind where the bank agrees to release just the lien and the kind where the bank releases the lien and the debt. Most of the short sales Scott handles eliminate the debt as well as the lien.

Short Sale Myth #3

"Tax liability is huge on a short sale of a home."

False. According to the the Mortgage Debt Forgiveness Act of 2007, if the home they short sell was their primary residence, they will usually have NO tax liability on the sale. Even if the home was an investment property, their tax liability may be very, very little. This act was extended by Congress through the end of 2013. Please consult your tax preparer or CPA for more detailed information on the tax implications of a short sale.

Short Sale Myth #4

"The short sales process takes too long."

False. It can be a bit unpredictable, but most of our short sales are done in less than 3 months. Most of the delays associated with short sales, and the horror stories about them taking 9 months, are a result of an inexperienced agent. With Scott's experience and knowledge of what clearly needs to be done, it is much easier to have accountability and predictability with the short sale process.

Short Sale Myth #5

"Modification is a better option that short sale."

False. Many sellers think that they have to pursue a modification before beginning a short sale or think that a modification is a much better option than a short sale. In most cases, I totally disagree simply because banks are not really in the business of modifying loans to the point where it really is favorable to the seller. Not only that, but upwards of 60% of modification attempts fail, which leaves the homeowner months behind on their mortgage, having missed months of marketing opportunity and the bank is still coming after the house via foreclosure.




Scott Dearnley | 804-938-5277 | Contact Me
2727 Enterprise Pkwy - Henrico, VA 23294
Copyright © , All Rights Reserved

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu