VA and San Diego Short Sale – when a home is financed
with a VA loan and cannot be sold as a private sale due to lack of equity to pay off the loan, a short sale or compromised claim is allowed.
A real estate agent can assist the VA borrower with the listing, marketing and short sale process. Key points to note about a compromised claim or short sale are:
- The sale price must be close to the current market value of the property
- The VA borrower cannot benefit from the proceeds of the sale
If the proceeds from the sale along with the loan guaranty payment cannot pay off the entire debt, the lender will have to waive a portion of the loan and absorb that loss.
Do you know anyone that is Thinking of Selling and mayneed to do a short sale or compromised claim? Contact us for a FREE market evaluation and consultation.
Additional time to Arrange a private sale – If more time is required to complete a sale to delay a foreclosure the VA may in rare cases intervene and ask for more time. The VA will only intervene if there is equity in the house and the borrower provides a copy of the purchase agreement contract or signed listing contract.
Additional articles you may find useful:
Call Lorraine Santirosa at 619-248-5484. San Diego military short sale expert.