Real estate blog entries tagged with defining short sale approval by Chris Ann Cleland, Associate Broker, Northern VA (Long & Foster REALTORS®, Gainesville, VA)

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Home : Blogs : Chris Ann Cleland, Associate Broker, Northern VA : Northern Virginia Real Estate News & Opinion : Tag "defining short sale approval"

defining short sale approval: Northern Virginia's Definition of Short Sale Approval - 09/17/09 05:02 PM

Northern Virginia's definition of short sale approval generally boils down to the following sentence:
Approval by lienholder(s) to accept the net proceeds from the sale of the the home as full payment for the underlying debt.
This sentence may be worded slightly different in the various versions of the short sale contingency addendums ciculating in the Northern Virginia market, but the message is the same. The definition revolves around two important phrases: NET PROCEEDS and FULL PAYMENT.
More and more lienholders are asking for additional money from the short sale sellers in the forms of cash contribution or a promissory note. … (14 comments)

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Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

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Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

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