Many of my buyers who especially who are first time home buyers in Virginia
are anxious about getting into their home. With lack of inventory, buyers are sometimes limited to what they can choose from or have to pay premium for a regular or foreclosure priced home.
Reading the articles and news about the nightmare including the time the short sale takes many of Virginia home buyers
refuses to look into these amazing homes that are offered under short sale circumstances.
As a Realtor here are my 2 cents to the most common question I get asked about short sales:Are the short sales Worth the wait time?
I had a buyer who could only qualify for FHA loan due to his limitation on his down payment funds. We lost 4 times on homes since the contracts were aw
arded either to a cash buyer or convention loan with higher down payment. I finally asked them to open up their search to short sale and extend their lease for additional six months. We submitted an offer on a short sale that was negotiated professionally had only 1 bank to deal with and within 90 days we had the short sale approval on a home that would be worth lot more if it was a regular sale.
In this situation yes it was very well worth of time. My buyer did deal with the anxiety of not knowing if the short sale would be approved.
Myself or any other Realtor in the Northern Virginia area can share both good and bad experience about short sale but ignoring in a slim inventory market may not be in the best interest of the buyers.
We do have few percentage of short sale that end up at the court house due to foreclosure or if some cases the banks have asked additional funds either from the sellers and/or buyers where the deal fell through.Remember
even if you purchase a short sale home you do have a right to get home inspection and keep all the contingencies like financing & appraisal in the contract. All contingency can commence after receiving satisfactory letter from the third party i.e your short sale approval from the bank.Norther Virginia Real Estate Market-Are Short Sale worth the wait?