This Bristow, VA short sale went to settlement today, October 15, 2009. Here's the story of how we got there.
On June 11, 2009 this Bristow, VA short sale hit the market, priced at $353,000. It had an offer on June 14th that was ratified on June 22nd. As the home had only one loan with Wells Fargo, we expected a thirty business day turnaround. We were surprised when the M
ortgage Insurance company backing the loan took longer. With the vast amount of short sales in process with Wells Fargo and it's various investors, time frames for reviewing contracts are being extended.
The sellers were asked to make a contribution to the sale. The amount proposed by the Mortgage Insurance Company was negotiated down by one third. Once that negotiation was behind us, the approval letter came through on September 16th.
This morning, the buyer signed off on the closing documents and happily took the keys to her Bristow, VA single family home. The buyer got a great deal at $345,000 and received $5,000 in closing cost assistance. The sellers were able to avoid foreclosure and get through the short sale process, from start to finish, in about four months time.
If you, or someone you know, is facing foreclosure, or needs to sell their home for less than they owe, give me a call. Having successfully closed short sale after short sale since 2007, I have the skills to get the job done. Why waste your precious time with anyone else?
Chris Ann Cleland, Long & Foster, Realtor, Licensed in VA
703-402-0037, chrisann@LNF.com
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