Raleigh NC – People with a VA loan often ask if they are eligible for a short sale. The answer is yes. A VA Short Sale is called a VA Compromise Sale.
The Department of Veterans Affairs publicly releases copies of the Compromise Sale Guidelines. We usually list the property for sale and then submit all the short sale paperwork after a contract is accepted by the seller.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The lender will order a VA Appraisal. All the appraisals go thru a VA Loan Center. There are 9 Regional VA Loan Centers as of today. After the appraisal is done, I always call the local VA Loan Center. I fax them a request for a copy of the appraisal.
Upon receipt of my request they fax me a full copy of the appraisal. I can see everything on the appraisal. All the comparable sales they used, etc.
I love it because it makes the short sale process more transparent. Now if only we could get Fannie Mae & Freddie Mac to do the same thing! If I think the appraisal has inaccuracies, then I can request a dispute.
Most of the Loan Centers have an appraiser on staff that handles disputes. Here is how to find out if you have a VA Loan.
On the mortgage recorded in the public records, usually 1-4 pages past the signature page will be a VA Rider. At the top it will say “NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS.”
The picture above is for a VA mortgage. The page for the VA mortgage was 2 pages below the original signature page of the mortgage. The pages between this and the signature page had the notary signature and the legal description.
These are fairly simple short sales. They are tougher than others because VA will not accept a sales that nets them less than 88.13% of the VA appraisal.
I don’t think they allow exemptions. I don’t know because I have never asked for one. The lenders are not delegated, at least not in my experience. The process is the lender assembles a package and submits to VA.
Will I get a Deficiency Judgment on a VA Short Sale? They will give a complete release if a seller participates in the short sale program.
But, the borrower has to pay back the loss to be eligible for a VA loan again in the future. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at ken@goldensrealty.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (919) 606-8751
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Raleigh loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Ken Smith.
Ken is a Real Estate Broker at Goldens Realty. Raleigh Short Sales Realtor:
Phone: (919) 606-8751. ken@goldensrealty.com.
Friendly, loyal, intelligent service!
View My homes for sale at www.GoldensRealty.com.
Ken Smith specializes in loan modification assistance and short sales in Raleigh North Carolina. Raleigh Loan Modification Help, Raleigh Short Sales. Raleigh Short Sale Realtor. Raleigh NC Short Sales. Raleigh Realtor.
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