Great Falls Short Sale Under Contract

10896 WOODLEAF LN, GREAT FALLS, VA 22066

Our short sale listing in Great Falls went under contract this past week. We had the listing for only 17 days before getting it under contract when the previous agents had it on the market for 200 days!

1 Front Exterior  10896 Woodleaf Lane, Great Falls, VA  10 27 2014-0002

This lovely home is nestled on 2 private wooded acres just minutes from beautiful Potomac River views. The unique interior marries provincial and cabin elements with contemporary architecture.

Ways To Speed Up A Short Sale

Selling your house at Short Sale can be a daunting task that can take a sizeable amount of time. Most short sales can take anywhere from 4 months to a year to finish from the time you list your home for short sale. While the timeframe for a short sale will depend mainly on the bank and other lien-holders, there are a few factors to consider if you want to speed up a short sale.

Get it Under Contract Faster

From the time you list your home, the clock is likely already ticking. Chances are you are already eager to get out of your property situation. The first thing that needs to happen to get you toward the finish line of the settlement table is to get a contract on your property.

While most properties sold at a short sale are going to be strictly as-is, and owners are unlikely to have the funds to make any major repairs to the property, little things to improve the home’s appearance can help get an offer faster. If you are able to, a new coat of paint may help. Keeping the space clean and tidy during the listing period may also have a positive effect on potential buyers. Having the home available for showings is also necessary: owners (or tenants) who deny buyers’ agents the opportunity to show the property often find that it takes much longer to get offers.

Keep the Contract Simple

While this will concern the buyer and buyer’s agent of a short sale, as well as your real estate agent, keeping the contract simple can help get an approval from the banks faster. Contracts without settlement assistance (seller subsidy) are generally much easier for the banks to move forward with. This could cut your waiting time by as much as 30 or 60 days with a simple contract.

Prepare your Documents

Your short sale negotiation team (whether that be just your real estate agent, or an entire team as we use here) is going to need a LOT of documents from you. Keeping an organized record of all financial and residential documents, including tax returns, communication with your bank, asset statements, employment records, etc. and responding as soon as possible to requests for documents will ensure that you do not lose time in your short sale because the banks are unable to move forward without certain pieces of information from you. The more prepared and responsive you are, the quicker the bank will be able to approve the sale.

Use an Experienced Agent

While these tips will certainly help you get your short sale closed faster, the absolute best resource you can have from the beginning is to have an experienced real estate agent who has extensive experience with short sales.

A successful short sale in the minimum amount of time is possible when you are working with an experienced short sale real estate agent who can help you navigate these strategies to shorten a short sale. Rob and his team have completed over 400 short sales since 2008 and know how to get things done in as little time as possible. If you think a short sale might work for your property, give him a call at 703-587-0995 today for a free consultation.

 

Ocwen & BOA Short Sale – Over $90K Waived

 

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Short Sale Sold! Woodbridge short sale closed on Friday, and the banks took almost a $90,000 loss. First loan was with Ocwen- almost 40k waived. Second with Bank of America- 42k waived. These sellers are breathing easier and moving on from their unfortunate real estate burden. Congratulations!

If you think a short sale might be the best option for you, let Rob help! Give him a call today for a free consultation. 703-587-0995!

NationStar & Auction.com: What You Need To Know

This is extremely important information if you are trying to do a short sale with a NationStar loan.

In the last year, NationStar has incorporated the use of auction.com to list short sale properties before the short sale is finalized. This occurs after the listing receives an accepted offer. This can be quite surprising to sellers, buyers, and the realtors involved in the transaction when NationStar has not made these policies widely known or well explained.

The reason NationStar posts these under contract short sale listings on auction.com is for value verification. NationStar wants to confirm that the contracted sales price is the best value that the investor will get for the property.

During the auction, the original offer is still valid as long as the buyer and the buyer’s agent have registered with NationStar and auction.com as the original buyer.

The price listed on auction.com may also start significantly less than the contracted sales price. NationStar does this to entice prospective bidders and does not reflect their valuation of the home, nor any change to the original contract.

Once the property is listed on auction.com, any bids registered through the site will also be considered. If a bid comes in higher than the original offer, the original buyer will lose the property unless he or she places a higher bid on auction.com.  Although auction.com charges a 5 percent buyer fee to the highest bidder, the original buyer is exempt from this fee, if the buyer is registered as the initially accepted offer from the seller.

It is important to note the not all NationStar short sales end up on auction.com. For instance, any Fannie Mae held loans will not be taken to auction.com, but the value will still be verified by the investor (but that is a topic for another post!).

We cannot stress the importance of working with an agent who understands this process and can guide you through your NationStar short sale. If you think a short sale might be the best option for you, give our experienced team a call today: 703-587-0995.