Another Bristow Short Sale--SOLD!!

Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

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 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 12317 Penzance Lane in Bristow, VA closed on December 14, 2015 for $270, 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.


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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Congrats Chris Ann Cleland  for another job well done

Dec 14, 2015 12:56 PM #1
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

    So glad to hear you're shakin' things up in Bristow with those short sales.

Dec 14, 2015 08:29 PM #2
Richard Weeks
Dallas, TX
REALTOR®, Broker

Congratulations on your recent sale.  Nice house and nice job with your presentation.

Dec 14, 2015 08:46 PM #3
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Chris Ann Cleland Excellent sale and it proves that there are still some great short sale homes out in the marketplace.

Dec 14, 2015 10:09 PM #4
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Congratulations on the sale, short sales are sticking around and the fact is it still takes a GREAT agent to be able to make the work Chris Ann Cleland 

Dec 14, 2015 10:26 PM #5
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Congratulations, Chris Ann -- I like how you explain the recent history of short sales and while they they not be the same in all areas of the country, they are still part of the landscape in Bristow VA.   You definitely have the expertise to get the job done.   

Dec 14, 2015 11:24 PM #6
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Chris Ann, Congratulations on closing yet another short sale. I'm thankful that the short sale market in my area is mostly behind us now.  Agents like you who manage short sales are "heroes" in the industry.  They are a lot of work!!

Dec 15, 2015 01:02 AM #7
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

Only you have pulled this together, Chris Ann, and you have the knowledge to work with Nationstar, which few agents know how to do. Congratulaions.

Dec 15, 2015 05:39 AM #8
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Chris Ann - Congratulations on getting that short sale closed. It's a tricky business and you're one of the few agents anywhere that can boast of consistent success with these. Nice work!

Dec 15, 2015 06:39 AM #9
Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Congratulations on the perseverance to get the short sale through completion.  Happy buyers and elated sellers

Dec 16, 2015 12:25 PM #10
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Chris Ann Cleland

Associate Broker, Bristow, VA
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