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short sale approval: Approved Short Sale? Be Careful What You Are Advertising. - 12/28/09 05:26 PM
As a Northern Virginia Short Sale Specialist, it is not uncommon for me to receive emails from short sale sellers that are looking into their options as they are forced to relocate or, more commonly, face an impending foreclosure.  When they are located in Virginia, where I am licensed, I am happy to talk to them about the possiblity of listing for short sale.
I also receive emails from disgruntled short sale sellers who feel their prior agents dropped the ball when it came to getting their particular short sale approved.  Today there was a different email in my inbox.  It … (11 comments)

short sale approval: Northern Virginia Short Sale Sellers: You Can't Sell to Your Family! - 11/04/09 04:59 PM
Northern Virginia short sale sellers can't sell to family members.  Surprised by that?  You shouldn't be.  Many lien holders, like Wells Fargo for instance, require that short sale transactions be arm's length.  That means selling to someone you don't know.
Why do short sale lien holders impose this condition?  Well, if you aren't able to pay back the amount of money you borrowed, the lien holder doesn't want you to maintain the privilege of living in the property, or the ability to buy it back at a reduced price.
I was contacted by a local short sale seller's sister recently.  She … (7 comments)

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)

short sale approval: Listing Your Home for Short Sale, Part 6: Patience and Cooperation - 08/24/09 12:51 PM
Listing your home for short sale is not as complicated as you think.  This is the final installment in a series.  If you've missed the prior installments, you can link to them here: 
Listing Your Home for Short Sale, Part 1:  Do You Qualify?
Listing Your Home for Sale Sale, Part 2:  Choosing Your Listing Agent
Listing Your Home for Short Sale, Part 3:  Collecting Your Financial Information
Listing Your Home for Short Sale, Part 4:  The Hardship Letter
Listing Your Home for Short Sale, Part 5: The Authorization Letter
So you've got your Listing Agent, have them authorized to talk to your mortgage holder(s).  … (66 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

Office Phone: (703) 402-0037

Cell Phone: (703) 402-0037

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