Your First Resonder
In Real Estate
Each Office Independently Owned and Operated
8100 Ashton Ave #103
Manassas,  VA 20109
Lyle Holmes
Stacey Holmes
Licensed in the
Commonwealth of Virgini
Stace Holmes Realtor Fredericksburg
Real Estate Frequently asked questions
Real Estate short sale Frequently asked questions

Question: Would I qualify for a Short Sale?

Yes. Contrary to popular belief, it is not difficult to qualify for a Short Sale. A good Short Sale candidate has no equity in their home. They are not able to sell their home and pay off all of the outstanding loans/debt that are secured against their property.
If you owe more against your home than it is currently worth and want or need to sell it but can’t or won’t bring cash to closing to make up the difference between what you owe and what your home is worth, then you are a prime candidate.

Question: Is doing a Short Sale right for me?

We would like to say: “Yes!” But the truth is, short selling your home isn’t the right move for everybody. Here are a couple of important signs that can help you determine if doing a short sale is right for you:

If you match any of these scenarios then doing a short sale could be the perfect solution.

Question: Why would the bank agree to a short sale?

With foreclosures on the rise in Virginia, banks are looking for any way they can to decrease the amount of loss due to these foreclosures.

Basically, it is much more cost effective for a bank to do a short sale rather than a foreclosure.
Banks aren’t in the business of owning real estate and collecting monthly mortgage payments, so a bank will take a minor loss in a short
sale to start that payment cycle again.

The truth of the matter is that a bank can minimize their loss by 10%, 20% even 30% in a short sale over a foreclosure.
You are behind on your mortgage payment and are unable to keep up with all of    your monthly obligations. Some of the reasons for falling behind on your mortgage payment may include sudden change in monthly household income, loss of job, divorce, and more.

You are NOT behind on your monthly mortgage payment but know that you will soon be unable to keep up with all of your monthly obligations and therefore in the near future will not be able to afford to keep your home.

You are NOT behind on your monthly mortgage payment but need or want to move. Reasons could include a job transfer, a health reason, retirement, and more.

You are NOT behind on your monthly mortgage payment and have come to the decision that staying in your home is not a good “business decision” or “financial decision.”
The Piedmont Team offers Real Estate services in the following areas:
Culpeper, Fauquier, Fairfax, Fredericksburg, Manassas, Orange,
Prince William, Rappahannock, Spotsylvania and Stafford.
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Short Sale - Frequently Asked Questions: