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.
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Bank of America Co-Op Short Sale Program Works to Pay Sellers CASH at Closing!
Call for More Info!
Learn more about the Bank of America Co-Op program and those of other lenders looking to help struggling homeowners.
Search Short Sales in your Area
About Jennifer Young
Jennifer Young is the CEO and Team Leader of Jennifer Young Homes with Keller Williams Realty. Jennifer is a highly experienced real estate agent and industry leader specializing in the Virginia, Maryland and Washington DC market. Jennifer sells Regular Sales, Short Sales, Foreclosures, Rural Residential & Land. Her team has helped hundreds of troubled homeowners for FREE! Call Jennifer today for a free consultation at (703) 651-5655 or email her.
Hear from our clients…
Jennifer Young was a great agent, especially because of the amazing team working behind the scenes. Her and her staff knew so much about short sales.
Jennifer Young sold our home for us in Fairfax, VA and did an incredible job. It was priced right and went under contract in less than 10 days.
We worked with Jennifer Young and her team when short selling our property. They were on-the-ball and completely on top of my case at all times. .