Buying a short sale home in Northern Virginia can be easy for as long as you know what to expect during the home buying process. Here are some of the basics that you might want to check out.
Get Loan Approval, Not Pre-Qualification
The lenders are already losing thousands of dollars approving a short sale. They do not want the buyer falling out of escrow. Set your offer apart from the competition and get fully approved before making an offer.
Patience is a Virtue
Short sales are not short. They take time—about 90 - 120 days on average. If you do not have the patience to wait for the lender to approve the short sale and your offer, consider a bank owned property or an approved short sale.
Have Your Agent Qualify the Listing Agent
Any agent can list a short sale, but few know how to get the short sale approved. If the listing agent is inexperienced in short sales, the process could take much longer, or worse, your offer could be denied. You need to know your odds of success before the process begins.
Do Your Homework
Some inexperienced listing agents list the home for thousands below market value in hopes of getting an offer. Have your agent check the comps of solds, pendings, and actives in the neighborhood. Don’t be fooled into making a low-ball offer, waiting months for acceptance, only to find the lender wants thousands more for the home.
Consider a Fully Approved Short Sale
Because short sales take time for approval, sometimes offers written are long gone once the bank approves the offer. This is a terrific opportunity to get a great deal on a home without the wait. The approved short sale list price is the offer the bank will accept. Depending on several factors, sometimes you can make a lower offer and the bank will still accept. An experienced agent will help you negotiate the best deal.
I’d be happy to help you if you need more information regarding this matter. Don’t hesitate to call or email me!
Sean Blanchette(703) 371-5710 Sean@FrontDoorHomes.comDownload my Mobile App ~ Text KWJRGEI to 87778 Now!
Northern Virginia Properties: