Our team is expecting to close another Bank of America short sale on Monday, January 31, 2011. We received a contract in October and had full approval in December - less than 60 days into the short sale process. This homeowner had a legitimate hardship and there was only one loan - that makes a huge difference. The short sale was approved with no counter offer from the bank because the final sale price was within fair market value. The seller was not asked to contribute any money towards the deficiency. If you or someone you know has questions about real estate, please feel free to contact me at (540) 347-5277 or
info@millerpropertiesonline.com.
# posted by
Chip and Becky Miller @ 10:56 AM
Last Friday, we closed another Wells Fargo Short Sale. Of all the short sales we've done, it was definitely one of the easiest. The Seller had a VA loan and I thought it might cause a problem, but everything went as planned. Again the key to a successful short sale is getting a fair market offer and having a Seller with a legitimate hardship. We received a contract in mid October and had full approval within 60 days and went to closing within 30 days - less than 90 days from start to finish. If you or someone you know is looking for an experienced short sale agent, please feel free to contact me at 540-347-5277 or e-mail at
becky@millerpropertiesonline.com. Our office is located in Warrenton, but we service clients throughout Northern Virginia and the Greater Piedmont area.
Last week we finally closed on a short sale listing that we had been working on since April, 2010. I normally prep my sellers to be prepared to wait 3-6 months for their sale to be approved. Occasionally we run into problems and it takes longer. In this case, the buyers kept backing out and we ended up selling the property 3 different times which meant 3 different contract negotiations. And this was also an investor owned property which is always a little more difficult to get approved. Fortunately the seller was able to walk away without having to bring any money to the table (other than past due HOA/COA fees) and did not have to sign a note payable.
The key to getting short sales approved is to make sure you have a price that's considered fair market value, you have a seller willing to provide all the necessary documentation, and you have buyers willing to hang in for the long haul. All parties - agents, buyers, and sellers need to be committed to the final outcome. If you or someone you know has questions, please feel free to call (540) 347-5277 or e-mail info@millerpropertiesonline.com. We're always ready and willing to offer our advice.
Happy New Year!!
# posted by
Chip and Becky Miller @ 11:29 AM
