Gainesville Short Sale Town House Under Contract!

8881 SCREECH OWL CT, GAINESVILLE, VA 20155

REDUCED! 4 bedroom, 3.5 bath home with 2 car attached garage in fantastic community! Hardwood flooring, crown molding on main level. Living rm opens to kitchen with corian counters, island, breakfast bar and newer SS fridge & leads to deck. MBR has WI closet, full bath w/soaking tub, sep shower, double vanity. BR level laundry. Finished LL with large rec room, full bath walks out to brick patio!

There is almost always an audible sigh of relief from our short sale clients when they get a contract on their home. Even though the process still continues because in many cases, we have to go to the bank to negotiate with them to accept that offer. There is still such great relief that there is a light at the end of the tunnel for this frustrating financial situation.

Being underwater on your home can feel like such a burden. If you owe more on your home than it is worth and you live in the Northern Virginia, DC metro area, please give our team a call. We would love to talk you through the process and see if you qualify for a short sale. We have successfully sold over 350 short sales and would love to make yours a success story too!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572

How to Make an Offer on a Short Sale Property

How Much Should You Offer on a Short Sale?

What is the perfect offer? You want a deal but you also want the house. If you offer too low, the seller and bank may be offended. If you offer too high, you could have missed out on a discount or lower price with negotiations. With a short sale, your offer is not only going to the seller but also the seller’s bank. It could take longer to have your offer reviewed so you really want to be sure you offer the right amount the first time. The bank could still come back with a counteroffer.

Here are some tips to think about before you submit your offer:

1. Look at Comparables

What is the average price per square foot in the neighborhood? What have recent similar nearby homes sold for? Are there repairs needed or recent updates that could affect the purchase price? Your realtor should have researched these aspects and if they haven’t, urge them to or find another realtor. Knowing what similar homes are selling for will give you an idea of the fair market value.

2. What can you afford?

Do not offer more than you can afford and you may want to offer a bit less than you can afford in case they counter back with a higher offer. If you are looking at a home above your price range and hoping they will accept your lower offer so you can afford it, be prepared to walk away.

3. How long has it been on the market?

If this home has been sitting on the market more than 2 months without any offers, than maybe it is priced wrong or there is something that is turning buyers away. You may be able to get the price down if it has been sitting for a while.

4. Make your offer an odd number

This may sound strange but round numbers sound like every other offer out there. Going with an offer of $281,900 or $283,000 instead of $180,000 may actually stand out and make the seller think you have really thought through your numbers.

5. Make an escalation offer

This is a clause you can put in your offer stating you will pay X amount more than another offer up to certain amount. For example, you offer $155,000 but your escalation clause says you will pay $1,000 more than another offer up to $165,000. This helps your offer stand out in a situation of multiple offers but also keeps you from having to pay more than what is needed for a home. If this escalation clause is put into action, the sellers usually must show you the other offer as proof.

We hope these tips help you figure out how to make a better offer on your dream home!

If you are looking to buy or sell in the Northern Virginia area, this is a great time! Please give our team a call! We would love to help you find your dream home!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572

Wells Fargo Short Sale Success with 2 Liens Approved!

24663 Buttonbush Ter,Aldie, VA 20105

Beautiful 2 BR, 2.5 bath home w/attached garage in amenity filled location!. Hardwd flooring, 9′ ceilings, crown molding, plantation shutters. Sun filled living rm opens to front balcony. Formal dining room off gourmet kitchen w/granite counters & breakfast bar. MBR has WI closet, luxury bath w/soaking tub, sep shower & dual vanity. Second BR w/attached full bath. Convenient to shopping & dining!

This town house had 2 Wells Fargo liens with successful approvals for both!

1st trust unpaid balance: $275,194.13

2nd trust unpaid balance $67,085.40

Sales contract: $290,000

Deficiency: Waived

Proceeds towards second lien: $6,000

Wells Fargo took a loss of over $70,000 and also agreed to waive deficiency rights on both loans. Congrats to our clients and great job team getting this one under contract, approved and sold in the bank’s time frame!

Here are both approval letters for your research purposes only.

If you are in a possible short sale situation and want to get more information about the process, please call us. We would like to help you understand what you need to know about a short sale and if you qualify! We have successfully sold over 350 short sales! Yours may be next!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572

Spotsylvania Single Family Short Sale Under Contract!

11201 CINNAMON TEAL DR, SPOTSYLVANIA, VA 22553

Beautiful Cape Cod w/Open Floor Plan on 5 Private Acres w/access to Ni River Reservoir*Lg Exterior Deck & Patio to Private Woods*Lg Upper Rooms w/Jack-n-Jill Bath*Main Level Master Suite*Open Family w/Cathedral Ceilings into Lg Kitchen w/Huge Island- Pantry&Laundry*Finished Basement w/Poss 4th Bed,Living Room,Rec/Storage Rm&Office/Den+Full Bath* Beautifully Decorated*Close to Rt.3*Quiet & Peaceful

There is almost always an audible sigh of relief from our short sale clients when they get a contract on their home. Even though the process still continues because in many cases, we have to go to the bank to negotiate with them to accept that offer. There is still such great relief that there is a light at the end of the tunnel for this frustrating financial situation.

Being underwater on your home can feel like such a burden. If you owe more on your home than it is worth and you live in the Northern Virginia, DC metro area, please give our team a call. We would love to talk you through the process and see if you qualify for a short sale. We have successfully sold over 350 short sales and would love to make yours a success story too!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572

Upper Marlboro Short Sale Town House Under Contract in 7 Days!

9938 ROYAL COMMERCE PL, UPPER MARLBORO, MD 20774

Beautiful brick front TH w/garage in excellent location & just minutes to Metro! Bright open floor plan, hardwood floors throughout, nice neutral decor and fresh paint! Large kitchen w/bay window breakfast nook has pass through to dining rm. Step down living rm leads to deck! MBR suite has vaulted ceilings, WI closet, full bath! Walk out LL has rec rm leading to rear yard. Great commuter location!

There is almost always an audible sigh of relief from our short sale clients when they get a contract on their home. Even though the process still continues because in many cases, we have to go to the bank to negotiate with them to accept that offer. There is still such great relief that there is a light at the end of the tunnel for this frustrating financial situation.

Being underwater on your home can feel like such a burden. If you owe more on your home than it is worth and you live in the Northern Virginia, DC metro area, please give our team a call. We would love to talk you through the process and see if you qualify for a short sale. We have successfully sold over 350 short sales and would love to make yours a success story too!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572

What You Should Know Before Buying A Short Sale

Buying a short sale can be a great option for house hunters. But it is best to go into it with some understanding of what to expect!

Short Sales Usually Take a Few Months to Close

The word Short in Short Sale does NOT mean it will close quickly! Short Sale really means that the sale of the house will fall short of the loan amount. A short sale typically takes between 3-6 months to close. The reason for the delay is the third party of the bank having to approve all the interactions between buyers and sellers.

Short Sales Typically Sell close to Market Value

A big misconception about short sales is that you can get a big discount. This is not always the case. The bank accepting a short sale from the owner is looking to get as much money as they can. If they are going to lose too much money, a foreclosure is their favored option.

But just because you will not get a huge price reduction on a short sale does not mean you cannot find a deal, especially in a seller’s market. When there are more buyers and less inventory, a short sale can be a great option! You will have less competition and usually can get it for a little under market value.

The Success Rate of Your Realtor in Closing Short Sales REALLY Matters

Find out who you are working with. If you are planning to buy a short sale, it is very important to make sure your realtor is in the Know! A realtor that knows how to negotiate with the banks can make a huge difference in your success of the short sale. A short sale is not a guarantee and to be able to work with a realtor that has had many successful short sale transactions will greatly improve your chance of success and even how quickly you can close with a short sale.

The Best Offer Grabs the Banks Attention

Low balling a bank is not the best option. If you found the home you want and you do not want to miss out on it, you need to make sure your offer is attractive to the bank. The bank is not looking at how much you want the house or how ready the sellers are to sell, they are looking at their bottom line- how much money are they gaining or losing in the deal. Make sure to work with your realtor to put the best offer forward. If there is a lot of work that needs to be done or the bank is not considering the local market and value, your realtor can put together the information needed to prove to the bank why your offer is fair.

If you are looking to buy or sell a short sale in Northern Virginia, DC, or Maryland, please give our team a call. We would be honored to work with you and help you through this process. We have successfully closed over 300 short sales and would love if yours was next!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572

It is a Great Time to Short Sell your Underwater Home!

It’s a great time to short sale your house. We have been able to negotiate great terms for our sellers such as: a waiver of deficiency judgement, no promissory note and no cash contribution for the majority of our short sales. We have also been successful in getting some of our sellers a relocation assistance stipend through the HAFA program.

There is almost always an audible sigh of relief from our short sale clients when they get a contract on their home. Even though the process still continues because in many cases, we have to go to the bank to negotiate with them to accept that offer. There is still such great relief that there is a light at the end of the tunnel for this frustrating financial situation.

Being underwater on your home can feel like such a burden. If you owe more on your home than it is worth and you live in the Northern Virginia, DC metro area, please give our team a call. We would love to talk you through the process and see if you qualify for a short sale. We have successfully sold over 350 short sales and would love to make yours a success story too!

Call or email us today if you’d like to talk more about short selling your house.

Jennifer Young Homes

Keller Williams Realty

jennifer@jyhteam.com

(703) 774-9572