State of the Short Sale Market in DC, Maryland & DC
How is the short sale market? Currently, there are 1,349 short sales on the market. Since the beginning of this year, there have been 3,365 short sales that have closed successfully in 2014 (year to date as of October 27, 2014 in the above counties above) The current rating for short sales in the Washington DC area is Maryland, Virginia and DC.
Area - # of Active Short Sale Listings
- Washington DC -73
- Charles - 113
- Frederick - 90
- Howard - 86
- Montgomery - 228
- Prince Georges - 385
- Alexandria City - 9
- Arlington - 4
- Fairfax - 85
- Fredericksburg City - 4
- Loudoun - 65
- Manassas City - 6
- Manassas Park City - 0
- Prince William - 101
- Stafford - 57
- Spotsylvania - 57
Quick Facts about Short Sales
- Sold as-is
- Best financing options may be FHA 203K or Fannie Mae HomeStyle
- All short sales are not approved
- All short sales are not processed correctly
- Short sales are NOT short
- All short sales are subject to third party approval
- Short sales can take up to 120 days for approval
- A buyer's lender will not order an appraisal until they have the third party approval in hand
- Buy another home after a short sale with Conventional Financing in 4 years
- Buy another home after a short sale with VA Financing in 3 Years
- Buy another home after a short sale with FHA Financing in 3 Years
*Buying a home after a short sale waiting period may be shorter depending on the circumstance
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