Listing Short Sales in Richmond Va
Nearly one out of every five real estate closings is now a short sale. These transactions require expertise and persistence that few real estate teams possess.
Over the past three years, The Cabell Childress Group has successfully closed multiple short sales. Although many myths and fears exist amongst short sale sellers and buyers alike, this group has both the experience and the expertise to navigate this complicated transaction and achieve the results desired by seller’s in need. They do this without compromising any of the personal attention and service for which Cabell is known.
In 2010, Cabell partnered with Richmond Foreclosure Prevention, a local company that focuses only on short sale negotiation and management. The results of this partnership were fantastic as several local families and homeowners sold their home via short sale and walked away from the transaction without any future liability to their banks.
This team found that there are 5 Pervasive Short Sale Myths that confuse potential short sale buyers and sellers.
Short Sale Myth #1
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. Some sellers consider just giving the keys back to the bank or walking away. They don’t know that a short sale is much better from a future credit worthiness perspective.Click here for more on the 2011 Credit Implication of Short Sales
Short Sale Myth #2
Many sellers are unaware that, by working with their bank on a short sale they can 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 we do eliminate the debt as well as the lien and our clients never have to worry about the bank coming after them for the remaining amount owed.Click here for more on Walking Scott Free in 2011: The New Rules of Debt Forgiveness
Short Sale Myth #3
Another huge unknown among home sellers is the Mortgage Debt Forgiveness Act of 2007. If the home they short sell was their primary residence, they will have NO tax liability on the sale. Even if the home was an investment property, their tax liability may be very, very little.Click here for more on the 2011 Tax Implications of Short Sales
Short Sale Myth #4
One of the biggest unknowns and doubts in sellers and buyers minds is how long the process takes. 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 inexperienced management on the part of the agent. Once you see clearly what needs to be done, it is much easier to have accountability and predictability with the short sale process. My teams experience gives us that ability.Click here for our annual rating of The Best and Worst Banks for Short Sale Processing including time lines
Short Sale Myth #5
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, we 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.Click here for more about the Dark Truth about Modifications
If you have more questions about short sales, simply call our team or fill out the contact form and we will get back to you right away.
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