Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)

Chantilly VA Short Sale in Chantilly Park Condo

Simon Hahn Group is listing a short sale in Chantilly, VA (Chantilly Park Condo)

Bank:

Chase and CitiMortgage

Listing Agent:

Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.   

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sales specialist

703-662-1466   

If you're considering a short sale in Chantilly, give us a call.  We are Chantilly VA Short Sales Specialist. 

Chase Mortgage Short Sale Approval/Demand Letter

Here's a sample Chase Mortgage short sale approval/demand letter.  Take a look at page 2 of the letter.

Please be aware that the completion of this transaction Is reported to the credit bureaus and may have an adverse affect on your credit rating. Proceeding with this transaction may also have implications on your state or federal tax liability; please consult a tax advisor for additional information.

There's no mention of deficiency judgement.   Since I'm not an attorney, I won't elaborate but the attorney who reviewed it gave the green light.   Remember to always have an attorney review your short sale letters.  Here's the Chase Mortgage short sale approval/demand letter.  I also have the Chase Affidavit of Arms Length Transaction addendum as well.  I believe this is fifth Chase short sale that I have worked on.  If your mortgage is with Chase and you are considering a short sale, give me a call for a free, private consultation. 

 

Here's the required Affidavit of Arms Length Transaction. 

  
If you have any questions concerning Chase short sale, please contact me.

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sales specialist

703-662-1466

 
chase mortgage short sale approval demand letter arms length transaction

Loudoun County Short Sale in Brambleton/Ashburn

Simon Hahn Group is listing a short sale in Loudoun County, VA (Brambleton / Ashburn).

Bank:

Chase

Listing Agent:

Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in Loudoun County short sales.  Listing's agent first two short sales were both in Loudoun County in 2007.

Simon Hahn - Keller Williams Realty

Loudoun County short sales expert

703-662-1466   

If you're considering a short sale in Loudoun County, give us a call.  We are Loudoun County Short Sales Specialist/Expert.  When it comes to short sales, experience matter!  Here's all our listings.  As you can see, we do a lot of short sales.

Manassas, VA Short Sale - Chase Mortgage

The Hahn Group of Keller Williams Realty is listing a short sale in Manassas

Property:

7203 Danny Lane

Manassas, VA 20112  

Click here for MLS info.   

Price:

$215,000 

Bank:

Chase (1st)

Washington Mutual (Equity Line) 

Listing Agent:

Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.   

Note to Buyer's Agent and Buyer(s):

We will submit the best offer to the bank.  Others will be back up.    

Short Sale is being Professionally Negotiated by WREATH TITLE

Seller prefers WREATH TITLE in Vienna, VA.   This will make this short sale much smoother.

Please use Short Sale Contingency Addendum to Regional Sales Contract & Information for Purchasers Concerning Short Sales.

Remember this is an "AS-IS" contract so please use NVAR Contingency Addendum.

Please make sure to include a pre-approval letter and copy of earnest money check. 

Please send proof of funds for down payment.  

Seller will NOT pay for home warranty.

Please be willing to wait at least 4 months.

Please call Mark Murad at  (703) 623-7626 with any questions and for Property Disclosure.

 

Simon Hahn / Mark Murad - Keller Williams Realty

Certified Distressed Property Expert

Manassas VA short sale specialist, Manassas Short Sale Realtor, Manassas short sale expert, chase short sale, washington mutual wamu short sale, CDPE

Chase Short Sale in Purcellville, VA

Simon Hahn Group is listing this short sale in Purcellville, VA (Loudoun County)

Update: 

This short sale in advanced stages.  Negotiator has been assigned and the BPO has been done.  We just need a contract.  The orginial buyers backed out. 

Property:

622 KINVARRA PL

PURCELLVILLE, VA 20132

Click here for MLS info.

Price:

$675,000

Bank:

Countrywide.  One loan.

Listing Agent:

Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.   Listing agent has successfully negotiated multiple short sales with Countrywide. The bulk of the negotiation will be done by an attorney at Smarter Title.

Note to Buyer's Agent and Buyer(s):

• We will submit the best offer to the bank.  Others will be back up.  
• Please use Short Sale Contingency Addendum To Regional Sales Contract & Information For Purchasers Concerning Short Sales.
• Remember this is an "As-Is" contract. 
• Please make sure to include a pre-approval letter and copy of earnest money check. 
• Please send proof of funds for down payment.  
• Seller will not pay for home warranty.
• Please do not ask seller for closing cost help unless it's a VA or FHA loan. 
• Please be willing to wait up to 3 months.  We can get this done.  If you can't, this short sale is not for you.
• Sellers prefer to use Smarter Title (800-800-3561).  This will make this short sale much smoother.

Update: 

This short sale in advanced stages.  Negotiator has been assigned and the BPO has been done.  We just need a contract.  The orginial buyers backed out. 

Property:

622 KINVARRA PL

PURCELLVILLE, VA 20132

Click here for MLS info.

Price:

$675,000

Bank:

Countrywide.  One loan.

Listing Agent:

Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializes in short sales.   Listing agent has successfully negotiated multiple short sales with Countrywide. The bulk of the negotiation will be done by an attorney at Smarter Title.

Note to Buyer's Agent and Buyer(s):

• We will submit the best offer to the bank.  Others will be back up.  
• Please use Short Sale Contingency Addendum To Regional Sales Contract & Information For Purchasers Concerning Short Sales.
• Remember this is an "As-Is" contract. 
• Please make sure to include a pre-approval letter and copy of earnest money check. 
• Please send proof of funds for down payment.  
• Seller will not pay for home warranty.
• Please do not ask seller for closing cost help unless it's a VA or FHA loan. 
• Please be willing to wait up to 3 months.  We can get this done.  If you can't, this short sale is not for you.
• Sellers prefer to use Smarter Title (800-800-3561).  This will make this short sale much smoother.

Seller Liability Question

I received an alarming email from a realtor today.  He was working on his very first short sale.  Here's the email.

------

I am currently working on one and have gotten the approval, but the bank is asking that the seller pay the remaining deficiency. I thought a short sale was a forgiveness of the debt. They sent a document stating "release of lien only".

The mortgage company is xxxxxxxxxx.
Can you please give me some advise.

-----

I cringed when I read this email.  Having done short sales since 2007, I knew this guy was in trouble. Being the nice guy I am, I referred the agent to an attorney who could help him.  I knew the steps I would take but I didn't give him specific advice since I might get blamed.  

One thing the sellers need to keep in mind is that not all short sales qualify for Mortgage Debt Relief Act of 2007 and seller's don't always walk scot free.  I have seen advertisements that claim that sellers will have no liability with short sales.  Well if it sounds too good to be true, it probably is. Here's what the sellers had to bring to short sale closings in some of my recent short sale transactions. 

1. Wells Fargo Short Sale

Seller had to bring $1,000 to closing.

2. Countrywide Short Sale

Seller had to bring around $300 to closing.

3. Chase Short Sale 

Seller had to bring $666.83 to closing

4. Countrywide Short Sale

Seller had to bring $700 to closing.

Fortunately none of these short sales involved promissory note or deficiency judgment.  In cases with big second trust (HELOC), many banks will ask for 5k to 20k at closing or ask the sellers to sign a promissory note.  The goal of short sale is to minimize the liability for the sellers but it doesn't always mean zero liability.  When doing a short sale, choose your agent wisely.  Make sure they have done at least two (preferably at least six).  For added layer of protection, attorneys should handle the negotiations with the banks.   

Let me know if you have any short sales questions.

Simon Hahn - Certified Distressed Property Expert (Short Sale)

Keller Williams Realty

703-401-0571 (Direct)