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A Short Sale Myth

If you’re facing a short sale you are probably looking for all the advice and help you can get.  An obvious place for information would be with Realtors.  I would suggest that you speak with several Realtors before you make any concrete decisions about how to handle your short sale.  You will most likely find that not all of them have the same answers.  Scary, I know, but that’s why it’s truly important to do your research.

One common myth that the Girls have come across when interviewing with Sellers who are contemplating a short sale is:

“We were told to stop making our mortgage payments.  The bank won’t even deal with us unless we are delinquent.”

The Girls say “NOOOO!!!!”  Please do not listen to this advice.

Do you know that after 60 days of non-payment a bank can foreclose on your property?  Yes! This is true, even if you already have a short sale in the works.

Do you know that most banks have a separate department for short sales and another for foreclosures?  Often times, one department has no idea what the other department is working on.  We have heard more than one story of a buyer ready to close on a short sale only to find out the week before settlement that the bank foreclosed on the property and their deal is no longer viable.  Can you imagine getting ready to move into the house you’ve been waiting months for, only to now have no where to go?  Scary, but it happens.

Do you know that a short sale causes less damage to your credit than a foreclosure?  Often, Sellers who sell short are able to purchase another home within 1-2 years (Foreclosure is a minimum of 3 years.)  This does depend on the overall credit before the short sale.  Continuing to pay on your mortgage during the short sale process is key to a faster credit recovery.

Moral of the story:
This is most likely your largest financial investment.  Please be careful who you hire to help short sale your home.  Two of the Girls are Certified Distressed Property Experts (CDPE), and have experience on both sides of the short sale transaction.

Posted in: General Real Estate Tagged: CDPE, distressed property, short sale, short sale myth, The Girls of Real Estate

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Testimonials

Candace is The Best. She went above the call of duty regarding selling my house and especially when purchasing my new home, i.e. negotiating with a difficult seller. Candace is one of the most professional realtors in the area and always has a smile on her face. It was a pleasure dealing with her and with The Girls of Real Estate.
Sheryl W.
Candace is incredibly personable. She is extremely busy because she is that good, but when you are with her you feel like you are the most important client she has. She is proactive with your account and IF she doesn’t answer when you call, she is very timely in getting back to you. I have used Candace on several buys/sells and refered her to many close friends…all of whom had the same experience as I. I would recommend her to anyone. She is amazing.
DJ & Leighera Leffin
Chelle was a true professional. We were only here for a few days and we looked at 40-50 houses in four days! When we did finally put in an offer, we had a problem with the seller not liking the fact that we were using a VA loan. She provided him with all the data and statistics that he needed to become comfortable with the loan. Also, her local knowledge can’t be beat. She grew up in the area, so she knows the area. I would recommend her to anyone.
Nel L.
I have worked with Chelle on numerous occasions, once personally for my own home, followed by helping my Company acquire another property for our Elite Executives. She gave me complete confidence in the whole process, and helped guide me through my biggest investment. I love my home and look forward to working with her in the future.
Becky M.
Chelle helped my husband and I find a rental property when we were first transferred to DC…we liked her so much, we reached out to her 2 years later to help us find a home in the area to purchase. Chelle is knowledgable about the area, professional, 100% responsive, and absolutely reliable. Not only did she help us view homes in the area, she was there for us through every step of the way through the offer, contract, closing – and we still keep in touch through our renovation process! I would hi… Read more
Stacy T.
Candace was great to work with during the sale of our condo. She always kept us informed and was very pleasant to work with. Candace and her team have innovative ideas and are hard workers. We would feel comfortable using their services again.
Stu & Jane Y.
I have known Candace since 2010 when I placed my home in Haymarket Virginia on the market. She has remained in touch since that time. She has always been very efficient and effective. I contacted her again recently when I needed her help in re-leasing the home in Haymarket.
Bob F.
We have used Candace and her team for the purchase of a townhouse, the sale of the same townhouse a few years later, and the purchase of a single family home. Each time, she was professional, courteous and she gave us excellent service. She knows the local area well as well as the market. I would highly recommend using her.
Sarika & Vince V.
Candace came in with some very valid and good suggestions to help us with selling our home. She priced it accurately and took our feedback into account while doing so. She put together beautiful marketing materials including stunning photos of our home that made it appear to be from a magazine cover. She was persistent in her discussions and follow ups with potential buyers agents. She sold our house in the dead of winter in under 30 days thanks to Candace.
Chris & Jen S.
Candace is very well experienced and has great real estate knowledge. Candace has rented, sold, and and found homes for me since 2009. She would be the only one I would ever call.
Susan S.

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Candace: (540) 270-0274
Chelle: (571) 330-6164
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