Loudoun Foreclosures

How Long Do Short-Sales Take?

A very common question people ask me is, "How long does a short-sale take?" There is no exact answer to that question because short-sales are not a perfect science. Short-sales are like a trip to Vegas - you may come back with more money than you left with or you may come back broke, but you won't know till the end of the trip. You won't know when you will get the response from the bank(s) until the day you actually get one. Average Time The average - and I stress average time to hear back from a bank(s) on a short-sale ...

Short-Sale Approved! Now What?

Congratulations! You've waited patiently for a response on your short-sale offer from the bank(s) and you just got word that it's been approved - half the battle has been won! So now what? To best understand what happens next, let's quickly go over a part of the short-sale process... The majority of what needs to be done (loan processing, appraisal, title work, termite, etc) can't be done until the bank(s) has approved the short-sale - in writing. The reason for waiting until then is that all of those things cost money and no one wants to spend the money and resources before knowing ...

A Seller’s Guide to the Short-Sale Process

Some of you may be wondering how you can go about selling your home the "short-sale" route, but aren't sure how it works. Well, here's what I call a "Seller's Guide to the Short Sale Process"... First and foremost, let's define "short-sale" as it relates to real estate today: A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold If you're not sure whether you'll be "short" if you sell the house, hire an appraiser or ask a Realtor to do a CMA ...

10 Questions To Ask Before Writing an Offer on a Short-Sale

It's like the Wild West right now when it comes to short-sales in Loudoun County (and the entire Northern VA area). Some take 60 days to settle while others take 6 months (if they settle at all). Some are handled by agents, title companies and negotiators that know what they're doing while others are not. The list goes on... That's why every buyer (and buyer's agent) should ask the listing agent/broker (or seller if FSBO) the following 10 questions before they write an offer on a short-sale... Have you received any other offers that you are waiting to hear back on from ...

Do You Know What the Bank Addendum REALLY Says?

If your offer on a bank-owned or short-sale property is "accepted", you will receive the bank's addendum to sign. Many buyers (and their agents) just skim through it, sign on the dotted line and send it back to the listing agent. But they don't truly understand what the addendum says nor how it could affect them. Some say, "It's just an addendum. The original sales contract has been accepted and those terms are what count." Wrong. The bank's addendum always has language in it that says something similar to, "This addendum supersedes the terms of the contract of sale and all other addendum." ...

Most Recent Posts

New Government Short-Sale Guidelines (HAFA) - Don’t Believe the Hype

The Treasury Department released a 43-page document in November 2009 that outlines a proposal for streamlining short-sales across the banking industry. It’s supposed to go into effect April 5, 2010. This document is being talked about as if it were the answer to... [Read more]

How Long Do Short-Sales Take?

A very common question people ask me is, “How long does a short-sale take?” There is no exact answer to that question because short-sales are not a perfect science. Short-sales are like a trip to Vegas - you may come back with more money than you left with or... [Read more]

FHA 90-Day “Anti-Flipping” Rule Waived - Yes and No

Many of you have gotten excited about the FHA “waiving” their 90-day “Anti-Flipping” rule beginning February 1, 2010. But hold on a second because that’s not what really happened. In case you don’t know, the FHA “Anti-Flipping” ... [Read more]

How Short-Sales Affect Your Credit and Other Ramifications

A question on many people’s minds that are considering a short-sale is, “How will a short-sale affect my credit and what are some of the other ramifications?” There is no one right answer because every short-sale negotiation is different, every seller’s... [Read more]

What is the Usual Condition of a Foreclosure/Bank-Owned or Short-Sale?

If you haven’t bought a foreclosure/bank-owned or short-sale property in a while (or ever), you probably don’t know what the typical condition of such a property is. Here’s an idea of what to expect… I’m working with a buyer who is buying a... [Read more]

Buyers/Sellers: What Does Few Foreclosure/Bank-Owned Properties on the Market Mean To You?

The other day, I talked about how few foreclosure/bank-owned properties there are on the market in Loudoun County and Northern Virginia (click here if you missed the post). But what does having only a very few foreclosure/bank-owned properties on the market really mean... [Read more]

Anyone Seen Where All the Loudoun Foreclosure/Bank-Owned Properties Have Gone?

Two years ago, you couldn’t walk out your front door in Loudoun/Northern Virginia and not see a foreclosure/bank-owned property for sale. But something interesting has been going on for the past 12 months…the number of foreclosure/bank-owned properties on the... [Read more]

Short-Sale Approved! Now What?

Congratulations! You’ve waited patiently for a response on your short-sale offer from the bank(s) and you just got word that it’s been approved - half the battle has been won! So now what? To best understand what happens next, let’s quickly go over a part... [Read more]

Short-Sales Wear the Crown in Loudoun County

This time last year, foreclosure/bank-owned properties were King by making up the largest percentage of distressed properties on the market. Today, it’s the opposite. Short-sale properties now wear the crown out-numbering foreclosure/bank-owned properties for sale... [Read more]