Congrats to our client who we just closed with on their short sale in Middle River, MD after 8 months of working hard on the deal with Bank of America. This was a desirable area just Northeast of Baltimore off of I-95 in Twin River Beach neighborhood. When our clients bought this property in 2008 as an investment/rental home, they paid $170,000. We just sold it as a short sale for only $135,000. This is the 2nd investment home we’ve sold for our investor client in Maryland. We also have homes we’re short selling for them in Virginia. If you know anyone in this type of situation that we can help, call me at (703) 774-9572 or email me at jennifer@jyhteam.com.

Congrats to our sellers who just closed with us on their short sale in the Singletons Grove neighborhood of Centreville, VA. We began working with these sellers back in January, so it’s taken a little time – mainly because Wells Fargo insisted on selling at a higher price than comps dictated. But in the end, they got their appraisal numbers to match and actually agreed to pay 3% of the buyers closing costs (it was an FHA loan). Now, this one was a very common situation for some of our clients…unfortunately divorcing…but they had stayed current on their mortgage only to find themselves owing more on their mortgage than the home would sell for in our current market. It’s pretty tough to split things up when neither spouse wants to take on an upside down mortgage. In this case, the sellers owed $284,000, but it sold for $265,000. Not too far upside down, but enough to cause a hardship for the sellers. Wells Fargo did waive all rights to the extra amount owed on the home (deficiency) and the sellers were not asked to bring cash to closing. Here is the approval letter from Wells below. If you know anyone who might need our help or would like to know more about the short sale process, please fell free to call me at (703) 774-9572 or email me at me.

Another successful short sale Alexandria, VA…this one in The Plaza Condos on Howard St. Congrats to our seller who said he found us originally online by searching for a “short sale expert” and read our site and liked that we were a large real estate company that had sold more than 100 short sales at the time. The background on this situation, the owner lived full-time in NH but in 2007 found himself working in the Alexandria area more. So, he bought this condo and owed over $305,000 total to 2 lenders. Unfortunately, last year he lost his job in the area and had to move back to NH permanently and could not afford both mortgages. At the time we started his file, he was current on his mortgage, but eventually had to stop making payments and a foreclosure date was set by his lender. We moved fast and secured a buyer and the rest is history. The lender on this one was Wells Fargo and they waived all rights to the deficiency – after the condo sold for days ago for only $188,000. Our seller had this to say about our service at closing:

“The professionalism displayed by all members of the Jennifer Young Homes team was beyond reproach. Their commitment and dedication to their client was impressive and at all times kept their client abreast of any information pertinent to the sale. I doubt that any firm could have better represented their client and acted in their best interest. I highly recommend JYH team and would be first to say that if you need a firm to represent you in a short-sale, Jennifer Young Homes is the team that you need on your side. I wish to sincerely thank every member of the team for their outstanding representation and commitment to insure client satisfaction and unparalleled service.” J.M.

Here is the approval letter as well for more info…if you know anyone who might need our help, call me at (703) 774-9572 or email me at me.

Lake Ridge Short Sale SOLD – GMAC and Citi Mortgage Approve HAFA Short Sale and Waive All Deficiency Rights!

Congrats to our seller in the Lake Ridge neighborhood of Woodbridge, VA who just closed their HAFA short sale with us and received a $3,000 incentive! In this case, the sellers had been denied 3 times for a loan modification by GMAC and between GMAC and their 2nd mortgage lender, Citi Mortgage, they owed over $279,000 on their town home that just SOLD for $215,000. They had fallen 5 months behind on their mortgage after losing income and were receiving foreclosure letters – so we moved fast to get them listed and under contract. From start to finish on this one, the sale took 5 months. Congrats to our clients! Here are their comments about our service: “We were forced to sell our property via short sale. Jennifer’s team accomplished, what I was warned by other professionals, to impossible. They found a buyer, negotiated with both lenders and brought us through closing. Thank you for my peace of mind.”

If you or someone you know needs our help in a similar situation, call your #1 Short Sale agent in Virginia, Jennifer Young, at (703) 774-9572 or email me at me. Here is an approval letter for this one…

Congrats to our clients who closed on their short sale in the Pointe at Park C neighborhood in Alexandria, VA! This one was a surprisingly quick transaction. We received a nice, complete and detailed short sale package from our seller right off the bat (with all the necessary forms that the lender would ask for). Within 7 days we received a ratified offer and only 23 days later, the seller and buyer got full HAFA approval thanks to new adjusted guidelines released by the government on June 1st. The seller also received a $3,000 cash incentive. Great to see things getting more and more streamlined! If you’d like more info on how to short sale your home, email me at me or call (703) 774-9572.

Congrats to our clients who are short selling their homewith the JYH Team in the Saratoga Hunt Neighborhood of Woodbridge, VA…both of their lenders have approved the transaction and we’re headed to closing. The sellers bought this home in 2007 for $625,000. The home is now under contract with a list price of $415,000. That’s a difference of over $200,000. Now, many times when homeowners in this same situation call to ask about how a short sale works, they will almost always ask how we manage to get both lenders to agree to the short sale. In this case and in many others, we request the main lender (1st trust) pay a certain percentage of the 2nd trust’s remaining balance so the second lender will release their rights to any money owed. That percentage can range anywhere from 7% to 15%, depending on what they counter us at. With this sale, the 2nd trust agreed and both lenders will report the mortgage balances “paid in full” and waive all rights to the unpaid $$. Congrats to our clients at this stage in the process. Here are the approval letters for research purposes. If you or anyone you know needs my help, call me at (703) 774-9572 or email me at me.