Once you have an agent and they make contact with the listing agent more questions can be answered for you. If you want more information regarding the sale I would be happy to get some answers for you.
Last but not least you do not have to offer the list price but the bank will want fair market value.
Long and Foster Realtors
540 903 6686
A short sale simply is when a home owner must sell their property for LESS than what they owe their lender(s)...thus they are "Short" on what they are paying back.
In order for a short sale to be even considered by a lender, you must demonstrate a "hardship" to expalain the reason for your "distress"; reasons can range from medical issues to divorce and a realtor experienced in handling short sales can counsel you on this.
Once it's been determined that a owner qualifies for a short sale, the process can take different tacks, depending on the type of loan, the number of lenders, who the lender(s) are, where the home is in the foreclosure process, etc. Each Short Sale is unique and you need to speak to an experienced realtor who can personally explain to you the details. This should be done if you are buying as well, as short sale sales can be quite complex and time consuming.
As always, REAL ESTATE IS LOCAL, and anyone buying or selling should use the services of a LOCAL agent, who is knowledgable about the neighborhood, the local market, and can show the home without delay.
Our brokerage is right here in Culpeper has handled short sales in this neighborhood and can assist. We are right around the corner on Brandy Rd and can speak to you today if you'd like. You may call me direct at 540-718-6609 or go to http://www.ExitCornerstone.com and fill out our contact form. You can also read testimonials about our service.
EXIT Cornerstone Realty
15367 Brandy Rd
Culpeper, VA 22701
Certified Distressed Property Expert
Licensed in the Commonwealth of Virginia
I sent an answer through my website as you had asked the same question of me there too. Please call me 540-850-2007...
A short sale is a property that maybe heading to foreclosure. The seller maybe behind on their payments or just don't want the house anymore. I am familiar with 1840 Gold finch as I was the listing agent when the purchaser brought this house...it was a foreclosure then. A short sale can take upto 120 days to close once an offer has been received and a purchaser will need to be patient. A lot of them fall through because the purchaser gets tired of waiting. The bank will send out an agent to do a "Broker Price Opinion" this is to determine the value of the house..if the offer is too low the bank will not complete the sale. If the offer price is accepted then the purchaser will only have usually 30 days to close...not all loan types are good for these short sales...so pre-approval is a must for any purchaser...You can get pre-approved by calling John Butler @ PNC mortgage 540-729-5006.
Hilary Johnson, Realtor
A-REO, ABR, CPM
302 Westwood Office Park
Fredericksburg VA 22401
Licensed In The State Of Virginia