Selling a home in Virginia as a “short sale” can keep the worst from happening – FORECLOSURE. “Short sale” means selling your house for less than what you still owe the bank in a mortgage. A potential buyer can get a great deal if the bank agrees. But before you get into a deal that sounds too good to be true, know that the amount of red tape, could be a red flag.
In a search of our local MLS (REIN) I noticed there are approximately 526 homes listed as “Short Sales “in the Hampton Roads VA region.
You would think it would be an easy task to buy a short sale in this market. A desperate seller and lets face it, everyone’s looking for a bargain, but convincing the bank to pay-off your loan for less than what you owe, that’s NOT SO EASY!
In a short sale there are tow negotiations that take place. One negotiation with the seller and the other negotiation that takes place with the lender. A short sale is going to take at least 60 days, probably closer to 90. We have had some that have dragged out over 6 months !
The main cause : If the bank is going to take a financial hit, they’re going to want to lessen the blow and hold out for a ‘better’ offer – translation – they’re NOT in a hurry!
Some lenders will list the homes at a ridiculously low price hoping for a multiple offer situation on an under-valued home.
Knowing the red flags of a short sale, can be the green light to a bargain. A great rule of thumb is a short sale home inspection. If a homeowner is ‘in’ or about to default on their mortgage — there’s a chance they’ll skip some repairs that may cost you.
There have been some tremendous deals lately for those who are patient !
You can click here for a current list of short sales in the Hampton Roads VA area.
I would be happy to email you any short sales that become available in a specific area of Hampton Roads VA that you are considering. Simply give me the criteria you are searching in your ” Dream Home” i.e.
Price range:
Area:
Bedrooms:
Baths:
Any specific features : Garage, First Floor Bedroom, One Story, Two Story
Neighborhood:
Send John@MrWilliamsurg.com an email for a current list of “Short Sales in the Hampton Roads VA Area.
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