prince william county short sale agent: Northern Virginia Short Sale Sellers: You Can't Sell to Your Family!
- 11/04/09 08:59 AM
Northern Virginia short sale sellers can't sell to family members. Surprised by that? You shouldn't be. Many lien holders, like Wells Fargo for instance, require that short sale transactions be arm's length. That means selling to someone you don't know.
Why do short sale lien holders impose this condition? Well, if you aren't able to pay back the amount of money you borrowed, the lien holder doesn't want you to maintain the privilege of living in the property, or the ability to buy it back at a reduced price.
I was contacted by a local short sale seller's sister recently. She … (7 comments)
|
prince william county short sale agent: Bristow, VA Short Sale: Approved and SOLD!!!
- 07/25/09 02:35 AM
Bristow, VA short sales do get approved by banks and go to settlement! As a Bristow short sale agent, I work hard to ensure that they do.
This Bristow, VA short sale was located in the community of Sheffield Manor. It got a full list price offer at $222,000, with the buyer requesting 4% ($8,880) in closing cost assistance. We submitted the offer to the two banks holding the loans and started the process. That was on March 18, 2009.
A little more than four months later, on July 24, 2009 this Bristow, VA short sale made it to settlement. The … (6 comments)
|
prince william county short sale agent: What is a Short Sale?
- 07/18/09 04:34 AM
What is a Short Sale? You've heard the term on news programs, seen it in ads for homes, and still wonder, "What is a short sale?"
A short sale occurs when a home seller owes more on their mortgage(s) than they will get for the sale of their home. In other words, market value of the home is below what is due the mortgage holder. The clues to determining whether or not a home is a short sale can be picked up in the phrases, "Subject to bank approval," or "Subject to third party approval," that you will see in the … (6 comments)
|
|
|
|
Northern Virginia short sale sellers can't sell to family members. Surprised by that? You shouldn't be. Many lien holders, like Wells Fargo for instance, require that short sale transactions be arm's length. That means selling to someone you don't know.
;)
;)
;)
