Selling A Northern Virginia Short Sale

Selling A Northern Virginia Short Sale

Short Sales are a way to sell your home for less than what you owe the bank or banks.  The way a short sale works is that we list your home for fair market value based on the comparables, inventory level, pending level and statistics.  We make regular price reductions until we find a buyer for your home.  Once we find a buyer, we negotiate with the buyer and get the home under contract.

After the home is under contract, we send a complete short sale package to the bank including the sales contract that has been signed by both the buyer and seller.  The bank will look at everything, order an appraisal or BPO, and either agree to release the liens and allow the sell to proceed, or ask for different terms before they will allow the sale to proceed.

Sometimes the bank will ask for a note for a portion or all of the shortage.  Sometimes they will approve it as the contract is written.  Sometimes they will come back with a fair market value that is considerably above what the true fair market value is.  Short Sales are not predictable and they are not a science.  Each one is different, even with the same bank.  Short sales require a lot of patience and expertise to navigate.

When we take a short sale listing, we still encourage you to try to obtain a work out with your lender to keep your home.  Our genuine hope is that everyone in trouble will find a way to save their home.  This is the best possible outcome for you, your family, your neighbors and the real estate market overall.

A short sale is a better alternative to foreclosure, but just like in a foreclosure, you will not be able to keep your home in a short sale.  The benefit is that you are somewhat in control of the process and all control is lost in a foreclosure.

You should not consider a short sale if you are not willing to list your home for fair market value and adjust as necessary.  We ask our short sale sellers to maintain their home in excellent condition while we market the home.  We also ask that they home is available for showing even with no advance notice.  When you turn a buyer away they do not come back given the immense inventory level in the local area market.

 

Contact Information

Photo of Jamie S. Brooks  Real Estate
Jamie S. Brooks
United Real Estate
10780 Parkridge Blvd.
Reston VA 20191
Office: 703-665-3544
Cell: 703-901-3101
Fax: 703-430-1821