- MLS® #: VACL112012
- 1035 Quarry Rd
- BERRYVILLE, VA 22611
- 391.12 Acres
Northern Virginia Short Sales
When homeowners are struggling and know that they'll soon face foreclosure, they may try what's known as a short sale. A short sale occurs when a home is sold for less than the amount still owed on the mortgage.
Short sales can be quite beneficial to all parties because banks don't want foreclosed properties on their books, homeowners don't want the black mark of foreclosure on their credit score, and buyers are always looking for a deal. If a bank approves the short sale, the owners may be able to have all their real estate debt wiped out, giving them a fresh start. Lenders are able to offload property without the hassle and expense of going through the foreclosure process, and because the homeowners are actively trying to sell the house, they're far more likely to take care of the home properly, which is great news for the buyers.
Advice from Carolyn Capalbo, REALTOR: Short Sales: 4 Reasons You May Want to Buy a Short Sale
Short Sales in Northern Virginia
|All Listings||Under $100,000||$100,000 - $200,000|
|$200,000 - $300,000||$300,000 - $400,000||$400,000 - $500,000|
|$500,000 - $600,000||$600,000 - $700,000||$800,000 - $900,000|
|$900,000 - $1,000,000||Over $1,000,000|
- MLS® #: VAFX1179620
- 7826 Swinks Mill Ct
- SWINKS MILL
- MCLEAN, VA 22102
- 7 Bed, 8½ Bath, 8856 SqFt, 1.13 Acres
- MLS® #: VAPW494808
- 14100 Head Estate Pl
- NONE AVAILABLE
- NOKESVILLE, VA 20181
- 5 Bed, 4½ Bath, 5084 SqFt, 10 Acres
- MLS® #: VALO268154
- 40278 Warren Glen Ln
- LEESBURG, VA 20175
- 7 Bed, 7½ Bath, 9180 SqFt, 1.18 Acres
- MLS® #: VAFX1178952
- 5936 Clames Dr
- ALEXANDRIA, VA 22310
- 4 Bed, 3½ Bath, 3399 SqFt, 0.52 Acres
- MLS® #: VAFX1173660
- 12061 Rose Hall Drive
- NONE AVAILABLE
- CLIFTON, VA 20124
- 5 Bed, 4 Bath, 4600 SqFt, 5 Acres
- MLS® #: VAFX1179648
- 523 Walker St Sw
- VIENNA WOODS
- VIENNA, VA 22180
- 5 Bed, 3 Bath, 1766 SqFt, 0.31 Acres
- MLS® #: VAFX1164838
- 8116 Rolling Rd
- NONE AVAILABLE
- SPRINGFIELD, VA 22153
- 4 Bed, 2½ Bath, 3344 SqFt, 1.03 Acres
- MLS® #: VASP227964
- 11603 Little Bay Harbor Way
- FAWN LAKE
- SPOTSYLVANIA, VA 22551
- 5 Bed, 4½ Bath, 0.7 Acres
- MLS® #: VAFX1102802
- 8991 Birch Bay Cir
- LAUREL HILL LANDBAY
- LORTON, VA 22079
- 4 Bed, 3½ Bath, 2840 SqFt, 0.16 Acres
- MLS® #: VAFX1066614
- 3346 Wilton Crest Ct
- GOVERNORS HILL
- ALEXANDRIA, VA 22310
- 3 Bed, 3 Bath, 1954 SqFt, 0.06 Acres
- MLS® #: VAFX1177290
- 7115 Terry Ln
- FALLS CHURCH, VA 22042
- 6 Bed, 4 Bath, 2804 SqFt, 0.3 Acres
The problem with short sales is that they are time consuming and require cooperation from the banks. The process can take months, and in the end, the lender may reject the offer completely. Banks want to recoup as much of their money as possible, so if they believe they can get more for the house through foreclosure, they will reject the short sale proposal. For buyers, this means that there's a lengthy waiting period and no guarantee that the deal will be approved. If the buyer is able to wait however, a short sale could be their best option for getting an excellent deal on a house.
For sellers considering a short sale, it's imperative that you contact a REALTOR® who is well-versed in Northern Virginia short sales. She can guide you through the maze of steps and paperwork, and get you one step closer to a successful sale.
If you're in the market to buy a bank owned home or short sale, see our Northern Virginia foreclosure listings.
Short Sale Information for Sellers: Documents Required
There are several components needed for your short sale application. As soon as you have an experienced agent on your team, compose a Letter of Authorization to give to the bank. This document will give your lender and agent permission to discuss details of your financial situation. You will also need to complete a Comparative Market Analysis early on. This will help you correctly price your house, in addition to showing the bank how much your property can reasonably fetch on the open market.
You will need to provide your lender with tax returns for the last two years, your last two bank statements and pay stubs, as well as a detailed financial statement. Also needed in your application is the purchase agreement you have with the buyer.
Aside from the hard numbers, you will also need to give your bank what's known as a hardship letter. This is where you detail your financial situation, and explain why you're no longer able to make your mortgage payments. This letter is your opportunity to explain your situation and convey the seriousness of it. Be forthcoming, and don't worry about modesty—if a short sale is your only hope, get that message across in your letter.
If you'd like to sell your home via a short sale, contact Northern Virginia REALTOR®, Carolyn Capalbo for expert advice. You can also get a free Market Snapshot of your home at HomeValuesNorthernVA.com
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Listing information last updated on February 24th, 2021 at 8:46pm EST.