Bill, Home Buyer in Atlanta, GA

For Richmond VA - Are short sales happening or do most properties go to foreclosure?

Asked by Bill, Atlanta, GA Wed Jul 8, 2009

Newer construction a few years old - 4 bedrooms

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The last year has seen a marked drop in both foreclosures AND short sales. I find that the Fannie Mae Homepath homes are moving briskly. The last one my clients purchased had 15 offers, 14 of them were cash. The last one I saw come on the market sold quickly. I don't see short sales as much as foreclosures but that is based on a Realtor to Realtor basis I would surmise.

Since lending rules have loosened I am seeing contractors, investors, and first time buyers snapping the foreclosures up quickly, something that didn't happen a year ago. The ease of purchasing foreclosures, especially the Fannie Mae Homepath properties that offer great terms and renovation loans have made it far easier to acquire these properties.
0 votes Thank Flag Link Fri Feb 22, 2013
Lets talk about short sales in Richmond, VA for a moment. First they are happening, but all short sales are not created equally.

Before deciding to make an offer on a short sale here's what you want to consider:

1. Find a buyer's agent that is savvy about short sales and has represented buyer's on short sales - this is your most viable ally. This is because they will know what questions to ask the listing agent. The listing agent is the key to a successful short sale transaction. If the listing agent has never done one, and doesn't have the motivation or knowledge to do one, then that should be a red flag to stay away.

2. Make sure your buyer's agent knows all the questions to ask the listing agent with the short sale before making an offer.
Examples of a good question to ask are, who is the bank? is their a first and a second? are they with the same bank or different banks, how close to foreclosure is this property? Any offers that fell through already? WHY?? etc etc

3. A good buyer's agent is essential with the amount of questions they need to ask, it will take a huge burden off the buyer to procure this information.

I have done a few short sales this year. They can close fast BUT you must know how to approach them or you could get in an ugly situation, that won't go away.
0 votes Thank Flag Link Tue Jul 6, 2010
Not only are short sales happening with will account for approximately 26% of all sales this year according to government statistics recently released. I know it has been said before but for this to work you must have a Realtor who is short sales/foreclosure certified WITH experience. Since the process is slower than an outright sale you must have patience but with an expereinced short sale agent it will happen.
Good luck! and don't hesitate if I answer any other questions.
0 votes Thank Flag Link Wed Jun 9, 2010
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.
0 votes Thank Flag Link Wed Jul 8, 2009
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
0 votes Thank Flag Link Wed Jul 8, 2009
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