Home Buying in 22701>Question Details

Gigi Gabos, Home Buyer in Culpeper, VA

short sale assistance

Asked by Gigi Gabos, Culpeper, VA Fri Feb 1, 2013

what exactly is a short sale? how does it work? do u have to offer what is listed?????

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Answers

5
Steven Ramey’s answer
A short sale is when the Lender(s) will receive short of what they are owed when the property sells. A Seller, in financial distress, contacts their Lender's Loss Mitigation Department, answers questions, provides required proof of documentation asked of them, then hopefully gets short sale approval. The closer you offer to full price, which is usually listed under market value, the more chance you have of getting it approved by the Seller's Lender. A short sale can take one month to get approval after a ratified contract with the sellers, but is not unusual to take 3-5 months or more, with not response to your offer in the meant-time.
0 votes Thank Flag Link Mon Feb 4, 2013
Mike was correct in the definition but as far as the remainder of your question.... A short sale can be time consuming for a buyer so if youre in a hurry this may not be the right route for you. The condition of the property will also play into if you are financing. The process depends on the bank as well as the seller`s situation.
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.

Misty Mount
Long and Foster Realtors
540 903 6686
0 votes Thank Flag Link Sat Feb 2, 2013
Gigi,
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.

Kind regards,

Mike Butters
Owner/Realtor
EXIT Cornerstone Realty
15367 Brandy Rd
Culpeper, VA 22701
(540) 825-9898
http://www.ExitCornerstone.com
Certified Distressed Property Expert
Licensed in the Commonwealth of Virginia
0 votes Thank Flag Link Sat Feb 2, 2013
Hello Gigi

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.

thank you
Hilary

Hilary Johnson, Realtor
A-REO, ABR, CPM
Keller Williams
302 Westwood Office Park
Fredericksburg VA 22401
Licensed In The State Of Virginia
0 votes Thank Flag Link Sat Feb 2, 2013
I am a short sale Expert. Please find all the info you need at http://www.callclaudine.com

Thanks
Claudine Ellis, CDPE, SFR
Keller Williams Realty
757-809-2525
0 votes Thank Flag Link Fri Feb 1, 2013
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