Hello, Bill,

Susan is correct - short sales are happening here as well as foreclosures. Of course, as with any short sale transaction, the buyers must be patient because the banks are not always responding as quickly as the buyers may like! And in some cases, you will find that the banks may not even respond, but may allow the property to go to foreclosure. But it is a case by case basis. If a seller has a home that they can no longer keep up the payments on, it is always best to try to get the lenders to allow the short sale and then to have a Realtor who is experienced in short sales help that seller. If a buyer is thinking of purchasing a property that potentially could be a short sale, then it is also advisable to have an experienced Realtor assist them, since the process can be somewhat overwhelming.

Please feel free to let me know if I can help you with anything. Good luck to you.

Short sales are definitely happening in Richmond, in addition to foreclosures. All of these are special situations and needed to be approached individually. Representation by a professional realtor is a must with these situations.

I am happy to answer any specific questions about either of these topics if you would like to email me.

Susan Fisher
Associate Broker
Coldwell Banker Johnson & Thomas
804-338-3378