This Warrenton Short Sale, located in The Villas at the Ridges of Warrenton, hit the market on October 8th, 2010 priced at $265,000. It had only one loan through VHDA (Virginia Housing Development Authority.) When we didn't have an offer by October 25th, the Sellers lowered the price to $248,000. And on November 22nd, we had an offer. A cash offer. However, when VHDA did their evaluation of the property, the appraisal revealed a $270,000 market value. The cash buyer was unwilling to go that high, and VHDA wouldn't take a cent less, so we put it back on the market on December 28th.
The $270,000 sales price was a tough one during the winter months. The competition was priced below, though none in the neighborhood had SOLD below that price. So we waited. And on May 1st, 2011 we got our Buyer. A full price offer. Only issue with this offer was that the Buyer needed closing cost help to the tune of $4,000. There was no way VHDA was going to net $4,000 less, so the Sellers graciously stepped up to the plate and offered to pay the $4,000 in closing cost help.
VHDA gave us their Short Sale Approval letter on June 8th. And on July 27th, we went to settlement and the house sold for the $270,000 required by VHDA. The Buyer of this VHDA Short Sale will have nothing but good things to say about the Short Sale process and the Sellers will be spreading the same good news.
Selling a home in a Short Sale doesn't need to be a complicated process. All you need is an experienced Northern Virginia Short Sale Agent. I've been at this since 2007. Give me a call if you or someone you know is facing a hardship and needs to investigate the Short Sale option.
Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®
703-402-0037, ChrisAnn@LNF.com, www.NVARealEstate.net
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Want to read about my recent Short Sale successes? Click the links below for some GOOD Short Sale news.
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