A short sale occurs when a buyer owes more money on their home than the property is worth, and they have to sell it for a loss. These properties tend to sell for under market value, in part because there is more "hassle" involved for the buyer, which means there is less demand for this type of property.
Search Short Sale Properties in Northern Virginia
Unlike a standard Northern Virginia real estate sale, which generally closes in 30-45 days, short sales generally take 3 to 6 months, or more, to close. This is because even after the seller has agreed on a price with the buyer, the seller’s bank has to approve the sale, and usually the bank comes back and tries to negotiate for a higher price, and there is generally more paperwork and red tape when dealing with the bank.
As-Is Sales
A short sale is usually sold "as is" - meaning the seller will not make any repairs or offer any credits towards repairs after the home inspection.
However, these negatives are why you can buy this type of home for under market value and get a pretty good deal on a property.
Interested in "Distressed" Sales?
Are you interested in these types of sales, or in bank owned properties? Email me at DarrenRobertsonHomes@gmail.com for a free list of these types of properties in the area of your choice!
These types of sales are complicated, so it’s important to work with a Northern Virginia real estate agent who has a lot of experience and can help you navigate all of the potential challenges that could come up.
Would you like to start searching online for these properties? Use the search box on your right to set up a free home search account on my website. You can filter your search specifically for different types of properties.