Another Ocwen Short Sale Sold

This week, Rob’s team sold yet another short sale.

This loan was held with Ocwen and there was a second with Chase. Both deficiencies were waived!

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If you want to get your property sold through a short sale, give Rob and his expert team a call at 703-212-3344!

HAFA Short Sale Relocation Assistance Raised to $10,000

Home Affordable Foreclosure Alternatives is a program available to some homeowners facing foreclosure or otherwise need to do a short sale. There are a few criteria that borrowers need to meet to benefit from this program, but it can be a good alternative to a traditional short sale or a foreclosure.

  • You have a documented financial hardship.
  • You have not purchased a new house within the last 12 months.
  • Your first mortgage is less than $729,750.
  • You obtained your mortgage on or before January 1, 2009.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

The good news is that, effective February 1, 2015, if short sale is approved through HAFA, up to $10,000 relocation assistance funds will be paid to property occupant.  This has been increased from $3,000.  Also, the newly published directive states senior liens can allow up to $12,000 to cover a junior lien, up from $8,500 in the past.  The US Treasury will reimburse the first lien $2 for every $3 they provide to any junior lien at short sale closing.

My Short Sale Buyer Walked… Should I Panic?

Let’s say you are short selling your home; you are underwater on your mortgage and the payments have become next to impossible to make. You have a documented hardship, you’ve hired a qualified short sale agent who may even employ a short sale negotiation team. You’ve gotten your home listed, gotten a contract, and now you are just waiting for the bank to approve the sale.

At some point during the negotiations, however, the buyer gets cold feet. Maybe the bank countered at a number higher than they were willing to pay; maybe their agent didn’t properly prepare them for how long the process was going to take; whatever the reason, the buyer decides not to continue with the contract.

You think to yourself: oh, no! My buyer walked! Is it time to panic?

Short Answer: NO! It is perfectly common to lose one or more buyers during the short sale process. This does not mean your short sale is less likely to get completed. In fact, losing a buyer is normal and can even be helpful to justifying the price to a bank when the next buyer comes along.

Navigating a short sale without an experienced Real Estate Agent can be a scary and trying process. We recommend working with a Short Sale Agent who knows all the ins and outs of selling your home at a short sale. Rob and his team have worked with over 300 short sale clients in the past 10 years. For more information or to speak to him about your situation, you can reach him at 703-587-0995.

New Short Sale Listing

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Short Sale listing in the Eclipse on Centre Park

Two Bed, Two Bath Condominium in sought after Eclipse building. Centrally located just steps to Potomac Yard, Old Town Alexandria, and Crystal City.

One Mortgage with Wells Fargo.

If you are interested in purchasing a short sale home, or would like to do a short sale on your own property, contact Rob, a Virginia Short Sale Specialist today at 703-587-0995.