Nofolk is full of Active Duty and Retired military personal mainly from NAS Norfolk, Little Creek Amphibious Base and Norfolk Naval Air Base. What does the Veteran do when the house they own can not be sold for enough to pay off the existing mortgage? One would expect to have a "short sale" but that is not what they are called. For those Veterans, there is the VA Compromise Sale. Like in conventional "short sales" there is a process to go through. Don't check all the boxes and guess what, you get delayed. Below are the steps to help the Veteran through the process.
1. Closing costs must be "reasonable and customary".
2. May only sell the home for Fair Market Value.
3. The Vet must have a valid financial hardship such as loss of income, relocation, death of breadwinner, etc.
4. No or little second mortgage on the property. If so, you may have to ask the junior lienholder to release the lien and convert it to a personal note.
5. Contract is "contingent and/or subject to the approval of a VA compromise sale."
Steps to begin the procss:
1. Contact the lender to see if they are an approved VA Servicer Loss Mitigation lender otherwise contact the VA regional office servicing your loan directly.
2. Fill out a financial status report form provided by the lender or the VA.
3. Complete a letter of request.
4. Complete a Compromise Agreement Sale Application. You can get this form from the VA or the approved lender.
Final Important Points:
1. The lender does not have to agree to a Compromise Sale.
2. For VA loans originated on or before December 31, 1989, you might have to sign a promissory note at closing agreeing to repay VA for the deficiency remaining after the property is sold.
3. Find an experienced Short Sale Realtor® should guide you through the sales process, help you determine fair market value and prepare your package for submission to your lender or the VA.
For more information the VA Compromise sale for Norfolk veterans, contact your VA Regional Loan Center.
http://www.genesellsvirginiabeach.com Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.
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Virginia Beach is full of Active Duty and Retired military personal mainly from NAS Oceana and Dam Neck Naval Base. What does the Veteran do when the house they own can not be sold for enough to pay off the existing mortgage? One would expect to have a "short sale" but that is not what they are called. For those Veterans, there is the VA Compromise Sale. Like in conventional "short sales" there is a process to go through. Don't check all the boxes and guess what, you get delayed. Below are the steps to help the Veteran through the process.
1. Closing costs must be "reasonable and customary".
2. May only sell the home for Fair Market Value.
3. The Vet must have a valid financial hardship such as loss of income, relocation, death of breadwinner, etc.
4. No or little second mortgage on the property. If so, you may have to ask the junior lienholder to release the lien and convert it to a personal note.
5. Contract is "contingent and/or subject to the approval of a VA compromise sale."
Steps to begin the procss:
1. Contact the lender to see if they are an approved VA Servicer Loss Mitigation lender otherwise contact the VA regional office servicing your loan directly.
2. Fill out a financial status report form provided by the lender or the VA.
3. Complete a letter of request.
4. Complete a Compromise Agreement Sale Application. You can get this form from the VA or the approved lender.
Final Important Points:
1. The lender does not have to agree to a Compromise Sale.
2. For VA loans originated on or before December 31, 1989, you might have to sign a promissory note at closing agreeing to repay VA for the deficiency remaining after the property is sold.
3. Find an experienced Short Sale Realtor® should guide you through the sales process, help you determine fair market value and prepare your package for submission to your lender or the VA.
For more information the VA Compromise sale for Virginia Beach veterans, contact your VA Regional Loan Center.
http://www.genesellsvirginiabeach.com Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.
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Remember, the clock is ticking for first time home buyers in Chesapeake. The American Recovery and Reinvestment Act of 2009 included an enhanced First-Time Homebuyer Federal Tax Credit, a housing stimulus that provides a maximum tax credit of $8,000 for first-time home purchases.
The credit expires November 30, and given the time it takes to find a home, secure financing and close on a property, potential buyers should act NOW. Qualified first-time buyers must purchase and reside in the principal residence before December 1, 2009. Other eligibility requirements apply, including income limits, but individuals who exceed the limit may be eligible for a partial credit. Buyers should seek advice from a professional tax advisor for specific tax calculations.
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought well over 1 million new buyers into the market, 350,000 of whom would not have purchased a home without the credit, according to the National Association of Realtors® (NAR).
The real estate industry has efforts underway to extend the tax credit deadline for first-time buyers, and others to expand its scope to include move-up and repeat homebuyers and remove or adjust income qualifications, the outcome of the lobbying campaign is facing an uphill battle.
Please as a consumer, you can assist in this effort by writing to your Senators and Representatives to tell them of the successes with the tax credit thus far, and urge them to extend it now.
Remember, the clock is ticking for first time home buyers in Chesapeake.
http://www.geneallen.com/ Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.
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I am getting ready for halloween in Virginia Beach with the help of some friends. This guy was just outside my front door and attached to the Crepe Myrtle. He had spun a nice looking web and it would have been great as I would not have to have bought that cheap store stuff. Unfortunately the wife didn't see it that way so I relocated him to the side of the house.
http://www.geneallen.com/ Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.
Google gene allen
Remember, the clock is ticking for first time home buyers in Virginia Beach. The American Recovery and Reinvestment Act of 2009 included an enhanced First-Time Homebuyer Federal Tax Credit, a housing stimulus that provides a maximum tax credit of $8,000 for first-time home purchases.
The credit expires November 30, and given the time it takes to find a home, secure financing and close on a property, potential buyers should act NOW. Qualified first-time buyers must purchase and reside in the principal residence before December 1, 2009. Other eligibility requirements apply, including income limits, but individuals who exceed the limit may be eligible for a partial credit. Buyers should seek advice from a professional tax advisor for specific tax calculations.
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought well over 1 million new buyers into the market, 350,000 of whom would not have purchased a home without the credit, according to the National Association of Realtors® (NAR).
The real estate industry has efforts underway to extend the tax credit deadline for first-time buyers, and others to expand its scope to include move-up and repeat homebuyers and remove or adjust income qualifications, the outcome of the lobbying campaign is facing an uphill battle.
Please as a consumer, you can assist in this effort by writing to your Senators and Representatives to tell them of the successes with the tax credit thus far, and urge them to extend it now.
Remember, the clock is ticking for first time home buyers in Virginia Beach
http://www.geneallen.com/ Come and see ALL the Homes for Sale in Virginia Beach, Chesapeake, Norfolk, as well as the rest of Hampton Roads. This site is updated daily with new real estate listings, pictures and other information vital to your home search.
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Hampton Roads Real Estate, Virginia Beach Real Estate, Chesapeake Real Estate, & Norfolk Real Estate is what I sell. My personal goal is to provide Number One service to all of my clients
Hampton Roads Real Estate
I am a Realtor® selling Hampton Roads real estate and have been since 1992. In 1994 I retired from the military and set off to sell homes in the area as my children were still in high school. Didn't want to move them at that time in their lives. So here I am still selling homes in the Hampton Roads area. If you all have any referrals for the Virginia Beach, Chesapeake, Norfolk, Portsmouth and Suffolk area, send them my way. We are an Equal Housing Opportunity brokerage.
I sell residential properties in Virginia Beach, Chesapeake, Suffolk, Norfolk and Portsmouth. This includes resell and new homes in all price ranges. I have not learned to do niche marketing yet as I like the various types of homes out there. My normal price range is in the 180k to 600k range although I have sold properties in the higher price ranges. My office specializes in beach properties and we routinely list and sell homes in the million dollar range. The price is nice but you don't do many of those a year.
I feel very fortunate to have happened upon Gene Allen while surfing the net looking for a home in the Hampton Roads area. My family and I were relocating from Western, NY to Hampton Roads and knew virtually nothing about the area. From the time Gene and I first met to the time we closed on our house covered a span of time of about 15 months. For the entire time I always felt that Gene had our best interest at heart. He was very accommodating and helpful while we were house hunting and very patient as we explored different towns in the Hampton Roads area.... To any potential clients of Gene's, I strongly endorse him as a thorough, competent and compassionent agent. I would definitely employ Gene as my agent again. Should you choose to engage his services, you will be glad you did. "Shortened version of email from A. Locke"
Gene made our first home buying experience wonderful. He made us feel comfortable from the start. He was dedicated to finding us a home of our dreams. Gene went above and beyond in showing us all the houses we wanted to see. He encouraged us when we thought we would never be homebuyers. We would recommend Gene to our family and friends. When it comes time to sell and upgrade we will definately use Gene for his knowledge and experience. "From a buyer satisfaction survey from A. Ceja"
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