Loudoun Foreclosures

Decrease in Loudoun County Short-Sale, Foreclosure/Bank-Owned Properties For Sale

The number of Loudoun County short-sale and foreclosure/bank-owned properties for sale has decreased significantly over the past few years. This is an important fact because it speaks to the health of the overall real estate market in Loudoun County. As you may know, the less the number and percentage of short-sale and foreclosure/bank-owned properties for sale, the better the real estate market typically is in general. So here are the numbers... The number of new short-sales listings in Loudoun County went down by 42% from 2009 to 2011 The number of foreclosure/bank-owned properties in Loudoun County went down by 53% during the same ...

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 ...

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

Bank of America Short-Sale Process Revamped, Improved

Bank of America made some changes to its short-sale procedures which are supposed to shorten decision times on short-sale offers to 20 days, down from 45 days or longer. Bank of America’s short-sale management platform, Equator, was revamped and now enables short-sale... [Read more]

Decrease in Loudoun County Short-Sale, Foreclosure/Bank-Owned Properties For Sale

Free Capital Home Show Tickets!

Want to go to the Capital Home Show this week? Is money tight? Don’t worry…I gotcha covered! I have tickets to the Capital Home Show which I am giving away for free to clients and LoudounScene.com and LoudounForeclosures.com readers. “Nothing in life is... [Read more]

How To Buy a Foreclosure in Loudoun County/Northern Virginia

Lots of people ask me, “How do I buy a foreclosure in Loudoun County/Northern Virginia?” There are two ways - one is definitely more popular than the other these days. Here are the two ways a consumer can buy a foreclosure in Loudoun County/Northern Virginia… At... [Read more]

Short-Sales Get Tougher, Banks More Willing to Foreclose

Short-sales are getting tougher for sellers and buyers and banks are more willing to foreclose now than before. Compared to just 6 months ago, banks are putting greater demands on short-sale sellers and buyers and are becoming less hesitant to foreclose if sellers (and... [Read more]

Short Sales 20% of Loudoun County Homes For Sale

Short-sales make up 20 percent of Loudoun County homes for sale. As in, for every five “For Sale” signs you see, one of them is a short-sale. What does that mean in regards to the Loudoun County housing market? First, let’s go back to August 2009…... [Read more]

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]