Short Sales Looking More Attractive in Staunton, VA

A year or so ago, short sales were the ‘S’ words that nobody, buyer’s agents, seller’s agents and buyers themselves wanted to be involved in. Banks were not very cooperative, they put listing agents through the ringer and were not very negotiable on price. If a buyer hung in there long enough and a whole lot of other variables worked out, we had an occasional success story. It came with the cost of frazzled nerves, frustrated and emotionally spent ‘victims’ to the short sale process itself. The success level was low at best.

Well, circumstances have changed and banks have seen the light. Banks actually make out better, financially, if they can negotiate a short sale rather going through the costly expense of a foreclosure. Some banks are even negotiating short sales even if the mortgagee (owner) is not behind on payments (hey, that makes sense, keep the money flowing in). So here we are with more ‘express’ short sales with many banks giving an approval in 3-6 weeks after an offer and short sale hardship package is submitted, rather than 3-6 months. An added note: Homes with 1 loan/1 bank or 2 loans/1 bank are much easier to negotiate with than 2 loans/2 banks, however all can be negotiated successfully.

There are currently more Short Sale homes on the Market than REO's ( Bank Owned ). Banks are allowing home owners to continue making payments while offering their home as a Short Sale, avoiding 30, 60 and 90 day late payments.  It makes perfect sense to us all including Banks. Hey, they lose a lot less money by accepting payments, allowing short sales, avoiding the cost of forclosures and in most cases they sell for more money because they're in much better shape. 

 We have extensive experience in listing Short Sales for homeowners to avoid foreclosures and saving them from a possible 7 year credit restoration period.  We have also placed many buyers into short sales successfully and at the right price.  One of the biggest and most important differences in purchasing a Short Sale vs an REO is the homes condition.  Short sale homes are, in most cases, in much better shape than a Bank Owned Home because the home owner is trying to avoid foreclosure so they fix up, clean up and keep up their homes.   If your a homeowner who may be facing a foreclosure give us a call, WE CAN HELP, or Click Here  to contact us.