You may have been hearing the term called Short Sale in regards to selling a home or even buying one for quite a while and have been wondering what exactly it is. Well, to put it simply, a short sale is when the lender of a home loan decides that they will accept a lesser amount than what is due on the mortgage to allow a sale of a particular home to proceed. For example, if a home owner has a balance of $120,000, and market value in your area is now at $90,000 for your home size and type, they may be willing to accept that offer. There are several things you must do to qualify for a
short sale in San Antonio Texas, and for the sake of expediency, I will save that for another post sometime in the future. Why, because this post is about the VA Compromise Sale and I want to focus on how a VA Compromise Sale can truly help Soldiers, Marines, Sailors and Airmen if they may be facing foreclosure or a hardship.
A VA Compromise Sale in San Antonio Texas is the VAs answer or solution to the traditional short sale for those Military members who have bought a home with a VA loan. What VA does in a VA Compromise sale, if approved, is pay the lender the difference in the shortage amount. For example, if we use the same scenario we did above and the Soldier owes $120,000 on the mortgage and fair market value turns out to be $90,000, VA will come in and pay the $20,000 and the closing costs. To put it in the exact words from the Department of Veteran's Affairs,
How Does A Compromise Sale Work?
When a homeowner receives an offer based on current market value that is lower than the total amount of the loan payoff, the homeowner can ask VA to approve a Compromise Sale. VA will review the situation with the mortgage company and if approved, pay the difference between the mortgage balance and the proceeds of the sale.
Even though we call a VA Compromise Sale a "Military Short Sale", it isn't a short sale in the true sense of the word because the lender is going to get what the military member owes on the home. A VA compromise sale is not a get out of jail free card or a way out of a home because you made a mistake and don't want to be a home owner anymore. It also isn't automatically approved. You must qualify for the VA Compromise sale and it is much like going through the Short Sale process. VA has turned over the VA Compromise Sale program to specially trained VA loss mitigators at the lending institutions you have your mortgage at. Things required for to be considered for a VA Compromise Sale are,
First, if you have a hardship and have been missing mortgage payments and are in danger of getting foreclosed on, you need to call your lender and talk to them about your options. In some cases they may be able to do a loan modification program to reduce your payments or other like options. There are several programs that can help you. However, if you have a hardship and you really need to sell, (by the way, PCSing is now considered a hardship), the next thing (or first thing) you should do is get with a Realtor® in San Antonio Texas who is knowledgeable about the VA Compromise Sale and the Short Sale process.
There are many agents out there who do short sales, but are not aware that there is a program that can help those who have a VA loan. Short Sales and VA Compromise Sales can be quite complicated and you need a professional by your side to guide you through the process. I can help to talk to you about whether you are likely to qualify for a VA Compromise sale or not. The biggest thing is to make sure that number one, you don't try to do this yourself and number two, that you don't give up and go to foreclosure.
Although you may lose some of your VA eligibility doing a VA Compromise Sale, you have the ability to gain it back. If you get a VA foreclosure, it is my understanding that you will lose your VA eligibility forever. There is really no need for that to happen when we can prevent it.
A VA Compromise Sale is a great program that can really help a Military member in need. With the tough times of today's San Antonio Real Estate Market, selling a home has become difficult at best in some areas of the city. Although San Antonio hasn't felt the tragic pinch of other Real Estate markets, we have still seen a slight downturn of the market and homes have decreased in value. As you well know, military members have an unstable life and can move every couple of years. In ages past, military members were able to sell their homes and move on without any worries. Well, that simply isn't the truth for everyone these days.
If you are having issues and you truly need to sell your home and you think you may need a short sale, and you have a VA loan, a VA Compromise Sale may be just the answer you need. For more information on preventing foreclosure, you can go to the Department of Veteran Affairs or just give me a call. I can set up a no obligation consultation to see if a VA Compromise Sale can be your answer.
years old. Homes built in Georg Ranch are a mix of custom built and known builders such as Japhet. The community offers amenities such as a pool, tennis courts, park and playground area and a sports court. Currently there are 7 homes available for sale in Georg Ranch. One and two story homes are available and vary in size from 3631 square feet to as large as 4573 square feet. Prices for available homes for sale in the Georg Ranch neighborhood range from $429,000 to $550,000. All homes in Georg Ranch sit on at least 3/4 of an acre. Children who live in Georg Ranch attend Comal County Independent School District. Georg Ranch is convenient to shopping and is close to Military Bases such as Randolph Air Force Base and FT Sam Houston (Joint Base San Antonio), TX. You can get to Georg Ranch by traveling on I-35 and exiting off on FM 3009 towards Garden Ridge, you will find it on your left hand side. If you are interested in buying or selling a home in the Georg Ranch Neighborhood or any area in Garden Ridge Texas, feel free to give me, Brenda Mullen your San Antonio Texas area Realtor® a call so I can show you what I can do for you!
price, condition and accessibility of your home and the type of marketing that I will do to sell your home for you. The first conversation; however, will be focused on if you qualify financially to sell your San Antonio Texas area home.Sellers may not realize just what it takes financially to sell a home in today's Real Estate Market. Bottom line, there are fees associated with selling a home. A good rule of thumb for costs in selling your home would be to estimate about 8-10 percent of the price of the home. For example, if you were to sell a home for $100,000, you could expect to pay up to $10,000 in seller closing costs. What are these fees for? Sellers closing costs in Texas usually include and are not limited to:
These costs are fairly consistent with what you will be required to pay to sell your San Antonio Texas area home. There can be other costs associated with selling. For example, some buyers may ask for closing cost assistance or a home warranty. You are not required to pay this as everything is negotiable...but these costs could end up being part of your transaction.
Now, depending on how long you have had your home (how much equity you have built up), the condition of your home, the Real Estate Market when you sell your home and various other factors, will determine how much if any money you will be required to bring to the closing table. If you have a significant amount of equity built up and the market is holding steady or doing well, you may just get a check at the closing table, (meaning money back). How will you know what your options are when you are thinking of selling your home? Hire your San Antonio Texas Realtor® to do a Comparative Market Analysis for you and a Net Sheet and I can let you know just what you can expect.
Selling a home in San Antonio Texas, just like buying one, costs money. However, with a good San Antonio Texas Realtor® by your side, you will understand the entire home selling process and be prepared financially to sell your San Antonio Texas area home.
We are now almost an entire month into 2012 and it's important that we take a 
look at both present Cibolo Texas market conditions that can tell us how we are doing, and past market conditions that tell us how well we did for not only 2011 but for 2010 as well. This will give us a better idea on where the Cibolo Texas Real Estate market is heading in 2012!
Before we get to the past, we will tak a peek at the present Cibolo Texas Real Estate Market conditions. The market shows that there are currently 206 Active listings on the market (these are available Cibolo Texas homes for sale), with a median list price of $189,945.00. The median square footage of home available is a little over 2300 feet and current days on market are at 84. There are presently 23 pending sales in Cibolo and 15 homes that expired off of the market. Currently, there have been 16 homes that have sold with a median list price of $159,947.00 and a Sold price of $158,000. This gives us a 97.7% of list price to sell price which let's you know that home owners have been fairly consistent with pricing their homes for the market.
Looking at the past Cibolo Texas Market reports, I have provided comparison charts for both 2010 and 2011. When discussing the number of sold homes for Cibolo, you can see that March, April and May of 2010 significantly out performed 2011. I attribute that to the first time home buyer tax credit that was due to end in June of 2010. At that time, you had to have closed on your home by June 30, 2010 to receive the $8000 credit. If you notice, once legislation was enacted to extend the credit through September, 2010, the number of homes sold started evening out between 2010 and 2011. However, 2010 did slightly outdo 2011 in the number of sold homes throughout the year, however by a very narrow margin.
Once we start looking at the cost of Cibolo Texas homes for sale in 2010 versus 2011, we notice that prices seemed relatively even across the board. The biggest difference in home prices was in June of 2010 and again, we can safely assume that price difference may have had something to do with the end of the first time home buyer tax credit.
What does looking at the past and the present Real Estate Market for Cibolo tell us? It looks as though the market has remained relatively stable across the past two years with number of sold homes and prices of sold homes. Presently we are still in a fairly good market. With homes still selling, the list price to sell price ratio at over 95% and the days on market being relatively low across the board, the Cibolo Texas Real Estate Market is holding steady.
If Someone Really Wants My Home, They Will Do What They Have to, to Get it-Myths While Selling Your San Antonio Texas Home
know how the San Antonio Texas Real Estate Market works. And since I do know how the market works, I feel it's my duty to explain to home sellers just what the actual deal is when putting your home on the market and deciding on a price point to sell your home.
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Bexar and Guadalupe County Real Estate blog by Brenda Mullen, Real Estate Agent with Smart Moves Realty. Updates and information about Real Estate in Schertz TX-Cibolo TX-Selma, TX-Universal City TX
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