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buying a short sale: When Should Buyers Lock Their Mortgage Interest Rate When Buying a Short Sale? - 03/29/11 01:47 PM
When Should Buyers Lock Their Mortgage Interest Rate When Buying a Short Sale?
Short Sales are not sure things. They can take months to get approved. Yet, despite the best advice to wait until the Short Sale Approval of the contract is in hand, Buyers will routinely lock in their mortgage interest rate and pray for the best. This is not a good strategy.
The Short Sale bank doesn't care that you, the Buyer locked in your interest rate and are subject to fees to keep the lock. Don't expect the Short Sale bank to cover the cost of extending your loan … (4 comments)
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buying a short sale: Can a Northern Virginia Buyer Have Multiple Ratified Short Sale Contracts? - 01/01/11 11:38 AM
Can a Northern Virginia Buyer have multiple ratified Short Sale contracts?
The answer to that is complicated. In the spirit of real estate monogamy, where one motivated Buyer and one motivated Seller get together to make a successful real estate transaction, the practice of writing multiple offers, in hopes of having multiple ratified contracts on Northern Virginia Short Sales is, in my eyes, unethical. Technically, you CAN have multiple ratified contracts on Short Sales, but the question really is---Should you have multiple ratified Short Sale contracts as a Northern Virginia Buyer?
Most Short Sale Sellers are trying to avoid Foreclosure. A Short Sale … (21 comments)
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buying a short sale: Why Are Buyer Agents Writing on Short Sales, No Less SHOWING THEM, Without All the Necessary Information - 02/14/10 08:26 PM
As a Short Sale Instructor for the Realtor Association of Prince William (PWAR) and a sucessful Northern Virginia Short Sale Listing Agent, I get many calls and emails each week from agents in my market that need advice. Half the time, the agents are in a brand new and utterly confusing situations and want an opinion from a fellow short sale agent. I enjoy those exchanges that make my head hurt. I know that it won't be long before I am in the same situation, and have had the sneak preview so I won't be flabbergasted.
Other times, the agents have found themselves … (13 comments)
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buying a short sale: What in the World is a Short Sale? - 05/17/09 11:59 AM
A buyer entering the market these days is encountering a type of sale that so many before them never even knew existed. It's called a Short Sale.
A short sale occurs when a sellers owes more on the mortgage payoff, than they will get for the sale of their home. The mortgage holder(s) must have time to review the purchase contract on the property and decide if they will accept the short payoff. Sometimes the owners are facing foreclosure after missing mortgage payments. Perhaps the owners are current on their mortgage, but are being relocated out of state, or out of … (11 comments)
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buying a short sale: Bristow, VA: Short Sale--SOLD! - 03/20/09 06:34 PM
This charming two bedroom townhouse style condo in Braemar just sold...and guess what? It was a short sale! A short sale is when a mortgage company agrees to take less than the amount owed for the sale of a home. Short sales are generally the result of a hardship (financial, divorce, relocation, etc.)
This townhouse first went on the market on December 3, 2008. It's orginal list price was $199,000. The buyers, with the counsel of their mortgage lender, quickly found that the list price of $156,000 was what made things happen. On January 20,2009 the sellers received an offer and on … (4 comments)
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Chris Ann Cleland, Associate Broker, Northern VA
Bristow,
VA
More about me…
Long & Foster REALTORS®, Gainesville, VA
Address: 7526 Limestone Drive, Gainesville, VA, 20155
Office Phone: (703) 402-0037
Cell Phone: (703) 402-0037
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