Equity Rise Team Settles Fairfax VA Short Sale with Original Buyer and 2 Lenders!

You may have heard stories of buyers putting a contract on a short sale only to leave 60 days later not wanting to wait any longer for the lenders to give their approval(s) on the contract price.

We are pleased to announce that the Equity Rise Real Group settled today on a short sale with the original buyer.  Representing the seller, team member Leigh Anne Monk, set expectations up front that due to the fact there were two lien holders it wasn't going to be a quick process.  In addition, the Equity Rise team are Certified Home Rescue Experts(CHREs) which as part of its program encourages buyers to stay in the game by requiring that the appraisal and home inspection be done after contract ratification, not after short sale lender approval.  To protect the buyers financial investment in the appraisal and inspection, the seller puts up funds in escrow that can be reimbursed to buyer if we can't get the lenders to approve the contract price.

Knowing that everyone likes to buy a nicely decorated home, the team first went to work staging the bachelor pad.   The owner had some nice furniture but it just needed some rearranging.  It was amazing how much of an impact rearranging the furniture in the living room completely opened up the space.  Several pictures, towels, accessories were brought in to create the "wow" effect when you you first walk in. While a few offers came in the first two weeks, we settled on an offer that came in right after the holidays.

We received an approval letter from the first lien holder within 60 days and then negotiations began in earnest with the second lien holder.  As often happens the first lien holder didn't want to give as much to the second lien holder as they wanted and thus began a series of negotiations expertly handled by the National Real Estate Law Group. 

The bottom line is the seller was able move out of the home and get a fresh start and the first time home buyer through much diligence and perseverance now owns a condo in Fairfax,Virginia with some built in equity. 

Upside down in your mortgage?  Want to know all of your options?  Please contact us today for a no obligation consultation.  We proudly serve Fairfax, Arlington and Loudoun counties in northern Virginia.