Another Bristow Short Sale--SOLD!!
The first Bristow, VA Short Sale I closed was in November 2007. (A Short Sale, in case you didn't know, is when a sellers proceeds from the sale of the home won't pay off the mortgage(s) and they must seek approval for the mortgage bank to accept a short pay off.) Since then, I've seen banks that were clueless, then they got down right unbearable due to too many Short Sales to process, then they got good
when they staffed up and had some experience, and now....well....banks are hard to deal with again. It is because the Short Sale crisis is over. Doesn't mean there aren't anymore Short Sales, because there certainly are...in Bristow, VA anyway.
The story of this Sheffield Manor townhouse, located at 12317 Penznace Lane, started on July 10th, 2015. The Sellers had spiffed it up and made it show ready so when it hit the market that day, they would be under contract quickly. The list price was $275,000. We had a lot of showing the first couple weeks, then I went on vacation. Cut the multiple offers. Not sure the agent watching my business that week bargained for that, but in my absence, she helped negotiate a great contract for the sale of this townhouse. The deal was solidified on August 1st.
Once you are under contract in a Short Sale, the baton is handed to the seller's side. The Listing Agent lets the banks know there is a contract, gets a net sheet to them and supporting financial documentation. That last bit comes in drips and drabs at the requests of the banks. One week they have all they need, the next they saw a page that was missing an initial. Oh wait, fourth week in, they need more bank statements. But wait...more pay stubs. It's annoying.
There were two loans on this Short Sale. The first trust was NationStar. They wouldn't do ANYTHING until we had a second trust approval. That we needed from Bank of America. We got that nearly three months after ratifying the contract, on October 19th. Gave it to NationStar and on November 19th, we had both approvals.
Once those approval letters are delivered to the buyer side, the baton is handed to them and their side of the transaction starts. Inspections, appraisal and underwriting on the loan. That all went like clockwork.
While it took 136 days from contract to close, the good news is that this Short Sale did in fact close. It settled on December 14th for $270,000. The Buyer didn't request any closing cost assistance, which is probably why the bank didn't stick us to our list price of $275,000.
If you have been thinking a Short Sale may be right for you, give me a call. I would be happy to do a free consultation, explaining the process and seeing if you would qualify.