Posts Tagged ‘Alexandria short sale’
Alexandria, Va short sales
Saturday, August 22nd, 2009Dan and Traci Rochon, are Alexandria, Va Short Sale Specialists who assist people seeking alternatives to foreclosure.
What Makes Dan and Traci A Top Real Estate Short Sale Team In Alexandria, Va?
1. We have a complete, professional team.
2. We are diligent. 3. We do what we say by when we say that we will do it.
4. We are experienced short sale negotiators.
Dan and Traci, are Licensed REALTORs® in Virginia that help people that are upside down on their mortgage, have a valid financial hardship, and/or need to sell their home to avoid foreclosure. They do this by what is called a Short Sale. They love helping other people and assisting them in exploring the option of a Short Sale instead of Foreclosure or Bankruptcy.
| Dan and Traci | More Information |
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| Keller Williams Realty 6354 Walker Lane #100 Alexandria, VA 22310 Washington DC Metro 703-346-2776 |
View My Web Site www.GreetingsVirginia.com More On Short Sales www.NoEquityRealEstate.com |
You’re Not Just Getting A Realtor, You’re Getting Connections
Dan and Traci have a vast network that they share with clients. Whether it be contractors such as carpet installers or painters or real estate professionals such as attorneys or lenders, they has close relationships with hand picked professionals.
Dan is a real estate investor and works with the investors of Dan and Traci & Consultants to assist them in achieving their objectives.
About Dan and Traci’s Top Short Sale Services
Alexandria Virginia, Arlington Virginia, Northern Virginia, Maryland and Washington DC Short Sales
When a homeowner owes more on a property than it is currently worth, he or she may wish to consider a Short Sale. If the homeowner can demonstrate a valid financial hardship which prevents him or her from paying their mortgage and if they owe more than the property is worth, Short Sale may be your alternative to a foreclosure.
What is a Short Sale?
A short sale is when a lender allows a property to be sold for less than the amount owed on the mortgage. In many cases, a lender would prefer to get what money they can on a house now rather than delay it for the future. Additionally, if they don’t allow the Short Sale, they could end up foreclosing on the property and then have to resell it themselves. Banks are in the business of making money off of loans, not owning real estate. Banks do not want to own real estate because it shows up on their books as a liability instead of as an asset. A bank does not want to foreclose on a property.
What does a Short Sale mean for a Seller?
A big difference between a short sale and a foreclosure is that in nearly every foreclosure the bank pursues the homeowner for the deficiency. The initial reaction to this problem is to file bankruptcy. A Short Sale may have some negative effects, but far less than a foreclosure or bankruptcy. Each bank has a different policy for dealing with short sales; the best case scenario is for the bank to forgive the deficiency.
To increase the odds of a successful transaction, the seller should use a team of professionals who are experienced with Short Sales to negotiate on their behalf. Dan and Traci are Top Real Estate Team In the Alexandria, Va Area. A bank will only consider a short sale when they have a written offer from a willing, able buyer to purchase the property, so the first step in this process is to find a buyer for the home. You do not have to be behind in your mortgage payments to request a short sale; you do have to prove that your home can not be sold for what you owe.
Dan and Traci have a full team to market, sell, and negotiate your short sale with the banks on your behalf. If you would like to see if we can help you with your situation, call 703-562-1791 or email dan@noequityrealestate.com for a free private consultation with our short sale specialist.
Dan and Traci are Certified Distressed Property Experts (CDPE). This certification is an exclusive designation earned by professionals skilled at foreclosure prevention strategies and exhaust all resources to avoid foreclosure. 
Dan Rochon is licensed in VA, AZ; Traci Rochon is licensed in VA, MD, DC
Pres. Bush Signs the Mortgage Forgiveness Debt Relief Act of 2007
Wednesday, January 2nd, 2008Happy New Years! The congress and President Bush sent homeowners that are upside own in their mortgage and need to sell their property a New Years gift. On December 20, 2007, the President signed into law H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007 into effect. This law was originally introduced by Rep. Charles Rangel [D, NY-15]. This will help homeowners to do a short sale with less negative consequence.
What is a Short Sale?
If you are unfamiliar with a short sale and the downside of one; a short sale is when a bank allows a property that they have lent money on to be sold for less than the amount owed on the mortgage and the lender takes a loss. A bank is likely to consider approving a shortsale because if a homeowner is uable to make payments and the bank forecloses on the property, it likely will cost them much more than approving a short sale. Also, property that the bank repossess is a liability for the lending institution instead of an asset and reflects badly on the bank.
When a seller negotiates a short sale, there may be some negative impact on the seller’s credit, but far less than being foreclosed on or filing bankruptcy. To determine the exact effects of a particular situation, seek advise from a qualified tax advisor and real estate or bankruptcy attorney.
What were the Rules?
Under the previous policy, debt forgiven from renegotiation was considered income for tax purposes, resulting in a tax liability. To say this simply, if a bank loans you $400,000 for property and allows you to sell it for $350,000, you would have to declare the $50,000 difference as income to the IRS and pay ordinary income tax on it. You would avoid foreclosure but were obligated to pay a tax bill.
How has the Law Changed?
The Mortgage Forgiveness Debt Relief Act of 2007 changes the rules for certain homeowners. Those that successfully complete short sales for their primary residence will no longer be obligated to pay ordinary income tax on the deficiency as long as the amount of cancellation of debt does not exceed $2 million. These new guidelines should greatly help those that are upside down and can no longer pay their mortgages to sell their properties.
The new law applies to only one primary residence that, “has been owned and used by the taxpayer as the taxpayer’s principle residence for periods aggregating 2 years or more”. For homeowners that are upside down in payment and need to sell, this will help ease the pain of an unfortunate process.
This new law will help reduce the overload of housing inventory and give homeowners on a financial down-turn a way to start fresh without the scar of foreclosure or bankruptcy. This law has received strong support from the housing industry and should assist many homeowners in a difficult position and should help to stimulate the housing market. Propery owners in Northern Virginia have options other than foreclosure.