Has your Washington DC House Already Been Scheduled for Auction? Dont Panic its not too late for a Short Sale?
Have you received a notice of default or notice of trustee sale from the lender’s attorney? Dont panic! As long as you have at least 2 weeks before the auction date, lenders are willing to work with homeowners and postpone the sale in order to avoid paying high costs that accompany foreclosure sales and taking possession of the property. Although it is best to start communications with your lender as soon as possible and inform them that you want to try to work out a short sale so they can send you the paperwork needed to start the process.
How much Money Can I Make if I short sale my home in Washington DC?
Lenders typically don’t want you to receive any money as a result of them taking a discount on the monies owed to them. This makes sense, since they are the ones taking a loss. The lender will have the borrower sign a waiver saying that you won’t get any money at the closing. Although some lenders will agree to pay you $1,000 for moving expenses and to put down on a new place to live, but most will not allow you to receive any money.
If you decide this is an option for you, contact us at 202-888-0560 or click here so we can arrange the paperwork and start the process to set up the purchase and afterward we will buy your house.