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.