The Cash Team of Clarksville Blog: Considering a Short Sale in Clarksville Tennessee?

When considering a Short Sale in Clarksville Tennessee, the first step is to realize that a Short Sale is a process that will weigh on your emotions and patience as well as that of your Family.  Finding an experienced and compassionate Real Estate Professional would be your second step in the process.

Short Salesare becoming more prevalent in today's market, especially in a Military City such as Clarksville.  With many of our Heroes from Fort Campbell and the 101st Airborne Division (Air Assault) returning from their duties abroad, they are now looking forward to their PCS move to another installation.  On the norm, Army Familiesstay an average of 3 years at one installation.  That said, the decline in the Clarksville Real Estate Market, while not being as significant as in other areas around the country still have left many Army Families with the realization that they will not be able to sale their home for the amount owed.

The process can be a lengthy one, but one that will save you and your Family from the possibility of Foreclosure.  As it is true in the Army, so it is with a Short Sale in Clarksville - Communication and Teamwork are key.  Communicating with your significant other, your Realtor and with the bank during the process.

If your current mortgage is a VA Loan, you may qualify for a VA Compromise Sale.  Below is some helpful information and links regarding the VA Compromise Sale Program.  Just one a few options available to our Veterans.

In order to be considered for a compromise sale, several factors must be considered:

• The property must be sold for fair market value.
• The closing costs must be reasonable and customary.
• The compromise sale must be less costly for the Government than foreclosure.
• There must be a financial hardship on the part of the seller.
• On loans that originated on or before December 31, 1989, the seller must be willing to sign a promissory note.
• There must be no second liens or other liens (unless the amount is insignificant). In situations whereby there are second liens or other liens, the seller can request that the lienholder consider releasing the lien and converting the loan to a personal loan.
• The seller must first obtain a sales contract in order to be considered for the program.
• To protect the seller's interest, the seller should make the sales contract contingent and/or subject to the approval of a VA compromise sale.

Once it is determined that a you may qualify for VA compromise sale, the Realtor or the homeowner should contact the homeowner's lender and/or the VA. A majority of the lenders now have a Loss Mitigation Department that have been authorized by VA to process a VA compromise sale.

Still not sure you qualify?  Contact your VA Regional Loan Center.  For the Fort Campbelland Clarksville area, the VA Regional Loan Center is located in Atlanta:

 For more information on the VA Compromise Sale Program click here

If you have any questions about a Short Sale in Clarksville Tennessee, please feel free to contact The Cash Team today. 

Regards

Tim and Pam Cash
Crye-Leike Realtors
931-338-1375 or 931-436-7617


The Cash Team - Making dreams come true one home at a time. Proudly serving the citizens of Clarksville and the Soldiers of Fort Campbell. To view available Clarksville properties, please visit our website at www.cashsofclarksville.com or email us at thecashteam@cashsofclarksville.comand we will run a custom search for you. Finding you and yours the perfect property in Clarksville Tennessee and surrounding areas is our goal.

Be sure to check out our other blog post Clarksville and Montgomery County Schools Information