I see many good properties in Centreville, but they are listed as SHORT SALE.

Asked by M, Alexandria, VA Wed Apr 2, 2008

M limited understanding is it means that if I make an offer, the bank may take 1 to 3 months to say yes or no. Are these properties even worth looking at or is the short sale business so cumbersome and time consuming that it's better to concentrate on the ones that are being sold by bank or owner? Thank you for enlightening me.

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Hi, , Virginia
Wed Apr 2, 2008
wait
all those "short sales"
will be foreclosured soon
then they are called REO
which is real estate owned by the lender
there are lots of the in virginia

google REO

try this site
for starters
http://www.pasreo.com

anyways

good luck
1 vote
Joey Remondi…, Agent, Vienna, VA
Wed Apr 2, 2008
Time is very important when it comes to short sales, so if you are limited do not go that route. There are some agents out there who think short sales are a waist of time, they are wrong. The key when dealing with short sales is having an agent that is an expert with them and the listing agent must also be experienced. There are owners and listing agents that do not know what they are doing or how or why a bank would be motivated to approve a short sale.

I have included a link below that all buyers in Va. Should read.

Good Luck.
1 vote
Mike Rosen, Agent, Leesburg, VA
Wed Dec 3, 2008
I personally advise my clients to steer away from short sales for the most part. You can find good value in a short sale but most of them are fake listings. If you have a good agent there are some basic questions they should ask the listing agent before you ever think about making an offer ...

http://blog.franklyrealty.com/2008/02/va-short-sales.html

If the listing agent appears to know what they are doing then it may be worth pursuing further. Many times it will still take several months to get an answer from the bank - as others have said, the bank has a process to follow in valuing the property and negotiating offers.

It gets confusing because a lot of agents don't identify their listings as short sales. You may want to try searching on FranklyMLS - short sales are identified by an asterisk (only MLS to do this).

Try this search ...
http://franklymls.com/default.aspx?m=R&a=providentteam&a…
0 votes
Jay Hurst, Agent, Washington, DC
Thu Apr 17, 2008
All good answers - I do a lot of business in Centreville, and yes, this is an area with plenty of short-sales and bank owned ( REO) properties. Most of what I pulled up were REO. Cindy's explanation is a good one - of course she dangles the carrot. But, there are some good deals to be had, and Centreville is a great place to live. If you have never done this before, a good agent can help. In most cases, there is not a lot of commission in it for us agents. These are not "Normal" sales, so things go wrong and it may take some time.
Web Reference:  http://talleyhursthomes.com
0 votes
Cindy Jones, Agent, Alexandira, VA
Thu Apr 3, 2008
Short sales are more time consuming but they do sell if both the owner and the agent have gotten all of the necessary paperwork together from the lender. Loss mitigation departments have to look at the total package and then order a BPO (broker price opinion) to get an independent third party opinion of price and condtion. You can expect that it will take 45 days but there are some strategies that I use with my clients when presenting offers on foreclosures and short sales that can keep your home buying process moving while you wait for an answer on a short sale.
Web Reference:  http://varealestatetalk.com
0 votes
Glenda Marks, , Charlotte, NC
Wed Apr 2, 2008
If you need to find a home quickly, this is not necessarily the way to go. If you have the time to wait for a bank's decision, you will more than likely benefit in $$$$ saved.
Web Reference:  http://www.queencitygal.com
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