This Haymarket, VA short sale was approved and sold on September 10, 2009. It sold for $250,000 and the buyer even got 3% of the sales price in closing cost assistance from the first trust holder.
June 4, 2009 was when this Haymarket short sale hit the market. After only five days on the market, this short sale had landed its buyer.
Working with two lien holders (the first trust was now controlled by the FDIC and the second held by Bank of America), there was some trepidation just how quickly this process would move. On July 23, 2009 we recieved an approval letter from the first trust. We submitted that approval letter to Bank of America.
After some back and forth, Bank of America verbally approved the short sale on August 24, 2009, accepting the terms given by FDIC....more than one month from the time they got the FDIC's appoval letter. The Bank of America approval letter took another week, and was delivered on August 31, 2009. By this time, our approval letter from FDIC needed updating, but was turned around within 24 hours of our request.
So after a little more than three month's from the time it hit the market, this Haymarket short sale was approved and SOLD.
If you, or someone you know, is facing foreclosure and may be considering a short sale, they are not impossible. Give me a call and let's take a look at the short sale option.
Chris Ann Cleland, Long & Foster, Realtor, Licensed in Virginia
703-402-0037, chrisann@LNF.com
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