Short Sales & Foreclosures
What Is A Short Sale?
January 27th, 2010 Categories: Short Sales & Foreclosures
I have written multiple articles on short sales over the past couple of years. However, I have never written one with an answer to basic question that many people are still asking….
“What Is A Short Sale?”
Please forgive my delay. We can now testify that assumption is foolish… For that reason, I will keep this very simple.
A short sale is simply when a bank agrees to accept less than the balanced owed on a loan. Hence, they are accepting it “short” of what is owed. If you want a more technical definition here you go .
Now that you know this, the questions arise like the consequences of a short sale. Or, what the benefits of a short sale are over a foreclosure or bankruptcy. Lucky for you, I have many of these questions answered in the following articles. Feel free to pass along any questions you may have.
Possible Consequences Of A Short Sale
4 Terms You Must Know As A Buyer
4 Sacred Short Sale Tips
flickr credit- aymlis
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Why Most Homes Will Never Go To Foreclosure
January 18th, 2010 Categories: Market Statistics, Short Sales & Foreclosures
People want to purchase foreclosures. The reason is simply because they believe they will get a great deal compared to buying a regular sale or having to wait for a short sale.
The media leads people to believe that there are a lot of foreclosures available on the market due to the recession. While this may be true in some areas, it is not true in Loudoun County, VA. Out of the 1,122 homes currently on the market in Loudoun County only 48 of them are foreclosures.
This does not mean that there are not people having financial difficulties in Loudoun County. It simply means that people are finding other options such re-financing or short selling their home. There are 183 short sales currently on the market in Loudoun.
People are finding that these options are much better for them than simply walking away from their home. If you are interested in learning more regarding short sales and their effects feel free to contact me!
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Foreclosure Negotiation. Your Highest And Best Offer
January 11th, 2010 Categories: Short Sales & Foreclosures
A banks way of cutting to the chase on what buyers are willing to pay is asking for their “Highest And Best Offer” to be submitted. The bank typically will do this after they have received more than one offer on a property or they at least want you to believe they have so you will increase your offer price.
Banks are not required to ask for the “Highest And Best” so the best policy is to provide it in the beginning if you are not willing to risk loosing the home. If the home has been on the market for a couple of weeks and there have been no offers, there is a good chance that you are the only player in the game and you should reject any notion to give them a higher offer.
I have seen a bank come back and ask for the “Highest And Best” a few times while the buyer stood their ground saying that their initial offer was as high as they would go. After a few NO’s from the buyer, the bank decided to bend and accept the initial offer.
flickr photo credit- taberandrew
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Ashburn’s 3 Million Dollar Foreclosure Sale
December 30th, 2009 Categories: Ashburn, Belmont Country Club, Short Sales & Foreclosures
If you have driven down Belmont Ridge Road with your eyes open, you have seen Osama El-Atari’s former home on the corner of Belmont Station Drive. This multi million dollar home has been vacant for the last few months since El Atari supposedly fled the country this past spring. El-Atari was indicted on multiple charges that equal over $40 Million in unpaid debt.
The 8,000 square foot home is a common size for the The Chase At Belmont Country Club community. However, El-Atari also purchased the neighboring lot which provides this home extra space. Apparently, the home has been damaged while sitting vacant though there are plans by the bank to make repairs prior to selling it.
There is no date currently given as to when the home will be listed for sale or for how much it will be listed for. The latest assessed value of the home was $3.65 million according to property records. However, with the widening of Belmont Ridge Road and the latest home sale prices in the community, I suspect that the sales price will be much lower.
photo taken from loudouni dot com.
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Very Funny Foreclosure Video
October 30th, 2009 Categories: For Fun, Short Sales & Foreclosures
This is the best satire I have ever seen regarding the foreclosure real estate market and how they are handled.
Though there are very few foreclosures in our local market, there are still a lot of great deals available. Contact me for a list of distressed properties!
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