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Northern Virginia Short Sale Contracts: Who is the Seller?
Northern Virginia Short Sale Contracts:  Who is the Seller?
Northern Virginia short sale contracts can certainly be confusing, but one thing is clear:  The sellers are the invididuals listed on the Deed.  This is not a foreclosure sale.  It is, often times, a pre-foreclosure sale.  However, the bank has not repossessed the property through foreclosure.
It's not at all unheard of for buyers and sellers to not understand this, but when a member of the Northern Virginia real estate community gets confused...well...let's just say that we can have problems. 
I recently represented home owners who were selling their property in a short sale.  The buyer patiently waited for the bank to provide short sale appproval.  After several months, the bank did!  However, the short sale approval letter did not meet the definition of short sale approval in the Northern Virginia Regional Sales Contract.  Therefore, the sellers (who were being asked to contribute cash at closing, and being told that their lien holder would pursue a deficiency if the short sale closed), were able to provide notice to the buyer that the short sale approval was not gained.
This whole series of events must have short circuited the brain of the buyer's agent.  He ... more

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