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Northern Virginia Buyers & Sellers Ask: What is a Short Sale?
Northern Virginia Buyers & Sellers Ask:  What is a Short Sale?
The Northern Virginia marketplace has changed since I first entered real estate in 2005.  At that time, buyers could choose between new construction or a resale property.  Very rarely did we hear about Foreclosures.  Unknown to most was the Northern Virginia Short Sale.
A Northern Virginia Short Sale occurs when a home seller owes more than they will make for the sale of their home.  For instance, if market value of a home is $350,000 and the seller owes $500,000, the mortgage company is being asked to forgive the $150,000 short fall.  This short fall is where the term Short Sale comes from.  It's certainly not from the length of time the sale takes.
Because a Northern Virginia Short Sale involves getting the Seller's Mortgage Company to approve the short fall, the entire sale is dependent on the mortgage company's "Third Party Approval."  It can take anywhere from two weeks to four months just to get mortgage company approval from one lender.  And Northern Virginia Short Sales often involve multiple loans on the Property that must approve the Short Sale.  The good news is that as more and more banks are preferring Short ... more

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