Relocation Short Sale Sold

 

 

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Another Reston Short Sale Sold. This Reston Short sale was a short sale with Relocation Company. The owner was relocated for work and had to sell his property at a short sale, and Rob and his team helped get it done. If you have questions about relocation and short sales, give our short sale expert Rob a call. 703-587-0995.

Bankruptcy In A Short Sale

If you are asking yourself: Should I file for bankruptcy during my short sale negotiation? The answer is almost definitely NO!

If you are pursuing a short sale for your home, chances are your financial situation is problematic. In some cases, bankruptcy may be the best option and it is important to discuss this with a qualified bankruptcy attorney if you are interested in pursuing this. The best time to do so is well before you begin a short sale of your home.

Filing for Bankruptcy during a short sale is problematic. When you file for bankruptcy, you legally no longer own your home or assets and they are transferred to a bankruptcy trustee. Because you do not own your home, you can no longer legally sell your home at that time. While all collections (including from your lender) stop during this period, known as a stay of bankruptcy, you also cannot proceed with a short sale.

If you are in the process of short sale negotiation with a ratified offer, and even if the bank has accepted your offer and you are moving toward settlement, filing for bankruptcy can be the death sentence of your deal.

At the very least, be sure to discuss filing for bankruptcy during a short sale with both your realtor and your attorney to make sure everyone is on the same page. Short Sale Deals can be derailed last minute if you do not tell your realtor about your plans to file for bankruptcy so that they may advise you. Sometimes just waiting to file for bankruptcy until your short sale deal has closed can save you a lot of time and headache.

For more information about the real estate aspects of bankruptcy and short sales or to find out if a short sale is right for you, call Rob at 703-587-0995 today.

Short Sales Approved

Our Short Sale Negotiation team has been busy lately. We have three new successfully approved short sales to announce.

Woodbridge Short Sale Approved

This property had an OCWEN mortgage short sale and a second with Bank of America. Both liens were negotiated to approval.

APPROVED SHORT SALE
APPROVED SHORT SALE

Bristow Short Sale Approved

This property had a first and second mortgage with Chase. The short sale is fully approved and set to close later this month.

Bristow Short Sale Approved
Bristow Short Sale Approved

Reston Short Sale Approved

This property had a first mortgage with OCWEN and a second lien with Chase that were successfully negotiated to approval.

Reston Short Sale Approved
Reston Short Sale Approved

 

If you would like to know how you can go from struggling to make mortgage payments on your upside-down property to seeing your property on our list of successfully negotiated short sales, call Rob today for a completely free consultation. 703-587-0995.

Short Sale Market In Northern Virginia

Most market reports on the Northern Virginia housing market indicate that the market continues to hold steady this month,  but few provide extensive information about the distressed home sale market. The outlook for distressed properties, which include foreclosures, bank owned homes, and short sales, should be a potential short sale homeowner’s major concern.

In the past 30 days, 4.7% of the 2108 closed sales in Northern Virginia were distressed properties. The area surveyed includes Loudoun County, Fairfax County Area (including Fairfax City and Falls Church City), Arlington County, and Prince William County (including Manassas City and Manassas Park City). For active listings, 4.5% of all listings are short sales, bank-owned, or foreclosures.

The highest percentage of distressed sales were in Prince William County, Manassas, and Manassas Park, where short sales made up 5.2% of sales and 4.5% were foreclosures: totaling 9.7% of sales. Of active listings, 7.8% in PW County, Manassas, and Manassas park are distressed.

The lowest percentage of distressed listings were in Arlington County, at 1.4% and the Fairfax County Area at 3.4%, indicating slightly stronger housing and economic markets in these areas, which is unsurprising.

What does this mean? It’s important to keep in mind that these distressed property rates are still relatively low. Since the housing crisis and over the last five years, rates have been as high as 35% over all of Northern Virginia, and reaching almost 60% in Prince William and Manassas in 2009. The current rates reflect a relatively strong housing and economic market, meaning that there are fewer homeowners who need to seek a short sale solution to their home ownership.

However, if you fall into that 4.5% of homeowners in Northern Virginia who need to turn their property into a successful short sale, using an agent who has been helping homeowners short sale their properties since the height of the crisis can be more valuable than ever. Rob and his team have conducted hundreds of successful short sales over the last 5 years. Call Rob directly at 703-587-0995 for a personal consultation to see if a Virginia Short Sale is the right option for you.