Short Sales Coming Back? OR Seller bring money to the table to sell

By
Real Estate Broker/Owner with NoVa Brokers LLC 0225 094634 VA/ 643686 MD

 

Here is the scenario . . . . 

 

A buyer purchased a home that was listed for $800,000 but since multiple offers he paid $950,000 for the home to win the bid.  This was in 2021.  He put 10% down and carried a mortgage for $855,000. Now seller has to unexpectedly move for work and doesn't want to rent the home because his new job is taking him out of the country and wants to sell the property.  Now property is worth $825,000 (hopefully we get full price)  and there isn't enough equity to move forward with a standard sale even if he does a for sale by owner.  His other option is to bring money to the table to close if there isn't enough proceeds to pay his mortgage off.  

We will see how this plays out. 

 

                                                                                                             Jacksonville, Florida Short Sales - My Florida Home Sale

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FOR ALL YOUR REAL ESTATE NEEDS

 

STELLA BARBOUR

NoVa Brokers LLC

1483 Chain Bridge Road Suite 103

McLean, Virginia 22101

571-814-3002 OFFICE

703-999-6104 CELL

571-281-2866 FAX

www.novabrokersllc.com

stellabarbour@yahoo.com

Licensed in Virginia & Maryland

 http://www.novabrokersllc.com/

 

 

 

Comments (1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Stella, for those paying so much more during the frenzied bidding wars, could be in trouble, just like this homeowner.   We aren't seeing any short sales still.

May 14, 2023 10:24 AM
Stella Barbour

I have one that I am working on now but very few which is good news so far. I predict if it happens it will be 2024 and 2025 depending on which way this market goes.  Election year coming up to. I am hoping for a better market to come.  

May 15, 2023 08:56 AM