Foreclosure is NOT the only option! If you have experienced a hardship and cannot make your payments and you owe more than your home is worth, We can help. We will work with you and your mortgage lender to negotiate the sale of your home. Before entering into  a “Short Sale”  you should learn what options are available to you.

Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction.

• Loan applications generally ask if the applicant has ever been foreclosed upon.
• Credit reports also disclose this damaging information.
• Not the best option.

Payoff/Refinance – Completely paying off the entire loan amount plus any default amount, closing costs and fees.

• Usually this is accomplished through a refinance of the debt.
• New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default.
• With this option, there must be equity in the home. Not easy to obtain this loan.

Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

• Not feasible or practical.

Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan.

• This may allow the homeowner to catch up at a more affordable level.
• To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation.

• The lender may even be able to provide a temporary payment reduction or suspension of payments.
• Information will be required from the lender to show that you are able to meet the new payment plan requirements.

Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing.

• Banks generally require the home be well maintained, all mortgage payments and taxes must be current.
• Most loan applications ask if this has ever happened.
• Most banks will not accept this and each state has different laws that may restrict this.

Bankruptcy – This option can liquidate debt and/or allow more time.

• We can refer you to a qualified bankruptcy attorney.

Chapter 7 (Liquidation) To completely settle personal debt.

Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.

Chapter 11 (Business Reorganization) A business debt solution.

Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid).

• The homeowner may sell the home without lender approval through a conventional home sale.

Short Sale – also known as a pre-foreclosure sale, if the property has negative equity, can be negotiated with your lender by your Real Estate Professional if what is owed is MORE than the property’s value.

The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem

Nance & Associates, Realtors

433 Elm Street,

Fredericksburg VA 22401

(540) 373-7474 

Rehabbing homes in Today’s Market

Some say that the best strategy in this market is buy and hold, but rehabbing and selling homes for a profit is still a possibility.

With our extensive knowledge in “Distressed” Foreclosure sales, we can help you capitalize on this market.

Obviously this is not for everyone, but for many, this could be a great way to start investing in Real Estate.

Nance & Associates, Realtors has been helping up-and-coming investors since 2002.

We offer the kind of service that is rarely seen in our industry: Locally owned, Professional and committed to our client.

Nance & Associates, Realtors

433 Elm Street, Fredericksburg, VA 22401

(540) 373-7474

But it’s not always the easiest process.

There are several things that you can do in advance of your purchase to make the process flow much more smoothly.

Here are just a few of the things we suggest to start getting ready to purchase your home. If you would like to talk about these further, contact us at any time  at (540) 373-7474.

• Get pre-qualified for your home loan – This will let us know what types of homes we can look at. This could trim several days from      the process.
• Begin to think about how much home you can honestly afford – We have all had times in our past when we say, “Oh $40 here and $100 won’t be that big of a deal.” Saying that with your home payment can lead to real troubles down the road.
• Research neighborhoods – Most people chose their home based on location. You should check into things like schools, shopping, and proximity to your place of work. All of these things will play into how much you really like a property.

Doing these three very simple things will trim days – maybe even weeks – off of the time until you’re in your next home. Again, if you have any questions, or if you’re ready to move forward contact us.

Sincerely,

KRISTOFER NANCE
Nance & Associates, Realtors
433 Elm Street,

Fredericksburg VA 22401

(540) 373-7474 Office

www.nancerealtors.com

Does this work in today’s market?

Done properly, fixing and flipping houses works in any market.

As trends change there will always be a need for this type of investor.

“Special Financing Available”

Only 5% Down!

No apraisal Required!

With our extensive knowledge of distressed Foreclosure sales, we can help you capitalize on this market!

Contact us today!

(540) 373-7474

Nance & Associates, Realtors

433 Elm Street, Fredericksburg, VA 22401 

Personal & Professional Services Provided To Represent The Interests Of Home Buyers

To provide you with the highest level of service, minimize your stress, provide maximum security and to help assure that you are getting the best home for your money;

Nance & Associates, Realtors will perform the following services for you, the home buyer:

• Provide a complete explanation of the home buying process.

• Provide thorough knowledge of the current and emerging real estate market conditions.

•  Assist you in Selecting the best home for you, for your money.

•  Write your purchase agreement to correctly and clearly express your intentions and represent your interests.

•  Submit your purchase agreement in a manner that will present you in the most favorable position.

•  Review all offers in detail and provide negotiation representation of your interests.

•   Provide assistance in obtaining the best possible financing of your next home.

•  Coordinate the closing of your purchase with other REALTORS®, lenders, inspectors, appraisers, attorneys, escrow

officers, and title insurance companies.

•  Provide on-going personal communication to keep you informed on the step-by-step progress of the purchase of your home.

•  Provide post-sale follow-up to assure your total satisfaction.

It may matter more who personally represents your interests when buying a home than which home you may attempt to purchase.

Purchasing a home through an unexperienced “Real Estate Agent” can create a disaster,

you may not get the home you really wanted and may have an unsatisfactory home buying experience.

Don’t that happen to you!

Be represented by Experienced, Professional Realtors.

Contact Nance & Associates, Realtors Today!

Nance & Associates, Realtors (540) 373-7474

For a Free No Obligation Consulation

Buying a home is a big step forward!

We know how important the home buying process is to you.

Finding the perfect property is just one way we can help you with your real estate purchase.

As Real Estate Agents, we have established, ongoing alliances with local area experts in every related field from the lending process all the way through to settlement table.

We won’t rest until we have taken you through the whole process.

Because we are Fredericksburg Area Experts, we can provide you with detailed information about our communities and our City.

We have a clear understanding of the local market, and an excellent inventory of homes.

We also have full access to the Multiple Listing Service (MLS) covering all of Northern Virginia and Maryland.

Our website offers you access to Active Properties on the MLS, so you can shop online from the comfort of your own home.

Make a list of the homes you want to see and we’ll tour them together.

The home buying process may seem complex, but we’ll make it easy for you.

We will help you:

•    Identify your priorities

•    Understand the market

•    Research different communities

•    Apply for financing

•    Understand the seller’s responsibilities

•    Search for properties

•    Write and present the Real Estate Purchase Contract

•    Counteroffer until the deal is right for you

•  Work with you through the loan process

•  Work with you through the small details of the home buying process

As a client of Nance & associates, Realtors, you will have all the benefits offered by a Professional Realtor.

Through every step of the Home buying process!

Own Your Own Home For Less Than Rent!

We have many styles of Homes available: Ranch, 2 Levels, 3 Levels, Townhomes, Colonials, Homes with land and more!

All with No Downpayment and No Closing Costs!

If your annual Salary is $24,545 or more and your credit score is 620 or more, you could purchase a home in Northern Virginia!

Contact us now to be prequalified!

Nance & Associates, Realtors (540) 373-7474

433 Elm street, Fredricksburg, VA 22401

The challenges of the real estate industry are getting more complex every day.

You need a professional that is on top of the market and is prepared to protect your interests and guide you throughout the process.

As local real estate experts, We are constantly researching the market and analyzing home prices.

For most families, buying or selling a home is one of the biggest decisions you’ll ever make.

You need a local expert working for you!

With our expert knowledge of the local real estate market, We know how to help you with your unique needs and protect your best interests through every aspect of a real estate transaction. We combine personal attention with the best service available. You need the advice of a Real Estate Professional!

Nance & associates, Realtors is here to help!

Office: (540) 373-7474

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