Rolf Heights, Annandale VA short sale Realtor from Dan and Traci & Consultants with Keller Williams Realty talks about short sale and foreclosure in Rolf Heights, Annandale VA. A short sale is the sale of a home where the bank or mortgage lender has permitted the homeowner to sell for less than what is owed on the property. Typically, when a homeowner is facing foreclosure, a short sale benefits both the homeowner and the lender. The homeowner is able to reduce some of the damage to his/her credit, while the lender is able to avoid a more expensive foreclosure action. Though this might seem like a magical solution, completing a short sale does present a challenge to the homeowner since banks usually take a significant amount of time to approve a short sale. So much time that by the time a bank approves a short sale proposal, the buyers have usually either lost interest or their financing. The approved short sale is usually valid for only 30 days, so finding a new buyer is challenging given the tight lending environment of today.
If you're wondering how long before a bank forecloses on your home, you are probably a candidate for a Short Sale. Contact a Short Sale specialist in your local area to determine if a Short Sale is a good option for you. Stop foreclosure in Rolf Heights, Annandale VA!
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