A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. A lender may consider a short sale if the seller is current but the value has fallen.
For a homeowner, a short sale is a way to avoid foreclosure and reduce the damage to their credit. Today, as we see foreclosures climbing while home prices fall; short sales are bound to increase.
Opportunities abound in today’s market. According to Zillow.com there are about 14% of homeowners nationwide that are currently behind in their mortgages, and in many areas it’s much more.
Short sales take time and can take anywhere between 3-6 months to complete. A short sale is not always the best option for a buyer; often other properties such as REOs may be a better find for a buyer. Finding professionals who are experienced handling short sales is crucial to the successful completion of the transaction. If you would like to know more about Short Sales in Alexandria, Va or Foreclosures in Alexandria, Va, drop me a line; I would love to help.
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