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short sale realtor: What Happens in a Loan Modification? - 11/09/09 12:08 PM
As a Northern Virginia short sale listing agent, I meet many sellers who really seem confused on what happens in a loan modification. There seems to be a general misconception that loan modification means a portion of your principal loan balance will be forgiven and reflect more of the market value of your home. While this may happen in RARE instances, it is not how mortgage lenders will do business 99.9% of the time.
Loan modification is actually a temporary reduction in interest rate to help you through a financial rough patch. When you signed your loan documents, you promised to repay … (12 comments)
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short sale realtor: Another Questionable Earnest Money Deposit Practice - 09/02/09 02:26 PM
My last post on Earnest Money Deposits focused on Short Sale Buyers. There is a lot of opinion on whether Earnest Money Deposits should actually be deposited at contract ratification, or at the time of short sale approval. Either way you go, the Buyers and Sellers MUST agree in writing when that Earnest Money will be deposited, and the contract must be followed.
Understanding the concept of Earnest Money Deposit instructions being signed by all, and followed, you can understand my concern when a Buyers Agent on one of my Short Sales that will go to settlement on Friday calls and wants to … (12 comments)
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short sale realtor: Short Sale Buyers Should Try Putting Themselves in Short Sale Sellers Shoes - 09/01/09 04:14 PM
This morning I received an offer on a Short Sale listing that had recently lost its second set of short sale buyers. In presenting the offer to the sellers, they asked that I make sure that the Earnest Money Deposit was indeed deposited upon contract ratfication, NOT when the short sale was approved.
I took this counter offer to the Buyers Agent. He sympathized and explained that his buyers were not comfortable with that.
"My buyers absolutely love the house. And they absolutely do not want to pursue any other short sale while they are under contract on yours. They would just … (14 comments)
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short sale realtor: What is a BPO? - 08/24/09 06:38 PM
What is a BPO? As a Short Sale Listing Agent I am asked that at least once in every transaction by my short sale sellers.
So what is a BPO? What does BPO stand for?
BPO stands for BROKER PRICE OPINION
A BPO is often ordered in lieu of an appraisal by mortgage holders when they are trying to determine the current market value of a short sale property. A BPO is cheaper than an appraisal because you can hire a Licensed Real Estate Agent to do one for $50-$100. A licensed appraiser charges $400.
BPO's give three ACTIVE listings and three … (14 comments)
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short sale realtor: Gainesville, VA: Short Sale Approved and SOLD!!! - 06/30/09 06:34 PM
This short sale, located in the gated community of Piedmont, hit the market on April 15, 2009. It was under contract one day later and sold on June 30, 2009.
There was only one loan through Wells Fargo. It was a very quick process. And the final sales price was $385,000, just $4,000 below the appraised value...$13,000 below list price.
The sellers owed no additional money to the bank. The buyers got a GREAT HOUSE that others buyers may have avoided because of the necessary third party approval by Wells Fargo.
It really does help the short sale approval process to have … (6 comments)
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short sale realtor: Another Northern Virginia Short Sale---SOLD!!! - 05/28/09 12:23 PM
Just got back from settlement. This lovely single family home in Warrenton was a short sale. There were two separate lien holders, a first and second mortgage. The house would not sell for what was owed.
The owners contacted me and listed the home for short sale on February 26th. On March 1st we received the offer that ended up going to settlement today, May 28th.
The home sold for it's full list price of $234,500. And you can see that the time it took to get an offer and go to closing was not as bad as you may hear. … (10 comments)
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short sale realtor: 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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short sale realtor: Bristow, VA: Another Short Sale----SOLD!! - 04/01/09 09:06 PM
This townhouse in Bramer, a short sale*, went to settlement March 31st. Had been listed for $217,000 and sold for $220,000, with just under $6,000 going to the buyer for closing cost assistance. Was under contract about six weeks from the time it was listed in November. From then it took a total of two and a half months to get this property to settlement.
If you are looking for a short sale Realtor, look no further! As a full-time Realtor, I've had plenty of experience listing and SELLING short sales. I also teach a Short Sale class to members of the Prince William … (13 comments)
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short sale realtor: Writing a Hardship Letter for Your Northern Virginia Short Sale - 03/07/09 05:20 PM
In the Northern Virginia real estate market, I meet a lot of home owners that are facing a Short Sale situation. Most of my time as a Northern Virginia Short Sale Listing Agent is spent educating my Short Sale Sellers about the process in an attempt to help them avoid Foreclosure.
The beginning of the Northern Virginia Short Sale process is communicating with your mortgage company and letting them know that you are experiencing difficulty in making your monthly mortgage payments. This is done through a hardship letter. And as simple as it may seem, it is a very intimidating letter to write.
In … (4 comments)
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short sale realtor: Will I Be Able to Rent a Home if I Lose the One I Own? - 12/27/08 04:57 PM
The Northern Virginia market is full of short sales* and bank owned homes (mopre commonly known as foreclosures). These homeowners that no longer can afford their homes are becoming tenants, and yes, they are being accepted by landlords. If you are finding yourself facing foreclosure, please be prepared.
1. When you rent a home, you will need to pay a security deposit (usually equal to one month's rent) and the first month's rent up front. Making sure you have this money on hand will be necessary. Money cures a lot of doubt when it comes to landlords. Offering additional money to the … (7 comments)
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short sale realtor: Short Sale Approved at $409K by Bank! Write it Up and Let's Go to Settlement!! - 10/29/08 03:37 PM
… (4 comments)
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short sale realtor: Just How Long a Short Sale Listing Can Take (Worst Case Scenario) - 10/28/08 04:34 PM
One year ago I took a short sale listing in a very targeted neighborhood; a 55+ community. I knew it wouldn't be easy to find a buyer. It wasn't. Many price reductions (we were competing with the on-going new construction), we finally got a buyer to submit a very reasonable offer in late May of this year.
That same contract has been with Countrywide and their investor, Fannie Mae, since then. Countrywide has ordered a total of 4 appraisals and 2 BPOs (Broker Price Opinion). The problem is that Fannie Mae, the investors on this loan, has a completely unrealistic idea … (12 comments)
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short sale realtor: Fortune Cookie Wisdom - 10/03/08 10:59 AM
I got to enjoy a sit down lunch with my Mother yesterday at my favorite Chinese Restaurant. I enjoyed the conversation and time with Mom and, of course, the food. At the end of our meal, we cracked open our Fortune Cookies to see what words of wisdom would be imparted to us. Mine was simple and true:
A true friend is someone who walks in, when the rest of the world walks out.
A statement that conveys the actions of a true friend, but can also be applied to a great Realtor. You could just as easily say, "A great … (8 comments)
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short sale realtor: Up Since 6:30am on Saturday - 05/17/08 05:20 PM
My dedication to my fellow agents is a strong one. I am not a morning person. I wake up around 8:30am and that's early. I spend the first half of every work day in my "jammies" in the home office. But today was a red letter day.
I woke up at 6:30am (after hitting the snooze once of course) and didn't even have a chance to drink my coffee before getting in the car to drive 30 minutes to another Broker's office to teach his agents the ins and outs of listing and buying short sales.
The course material was recently … (4 comments)
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short sale realtor: What Listing Agents Can Do to Make Bank Response Time Quicker in Short Sales - 03/31/08 06:07 PM
I really should entitle any post I write about short sales as "Musings from the Edge of Sanity." I keep reading posts about Realtors frustrations with various banks, and how loooong they are taking to approve a short sale. I think it's time for us to take a look at how WE, the wonderful, hardworking Realtors out there, may be contributing to, and can help alleviate, some of the back-up.
FIRST, we must understand that the banks are not a literal party to the contract. Their relationship with the seller is similar to that of the home inspector to the buyer. … (8 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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