07/11/2009

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FAQ about Short Sales FAQ about Short Sales As a Realtor specializing in short sales I sometimes forget that short sales in general have only became commonplace in the Ashburn and Leesburg area for only a few years now. As a matter of fact I remember a conversation I had with a Denver Re/Max agent about how many short sales there were in his area about 5 years ago. I can remember thinking to myself how glad I was that we weren’t seeing them in Loudoun and Fairfax County. Well that’s all changed! I’ve read statistics that report that nearly 60% of all homeowners who purchased a home in the Loudoun and Fairfax area are upside down. The last Northern Virginia economic conference I attended we were told that home prices are now at April 2004 levels. I don’t think it takes a great deal of insight to know that there are a lot of people who can you use some short sale advice. So, let’s get down to those questions! • Is there a difference between a short sale and a foreclosure? o YES! A foreclosure will not just hurt your credit but will impact any background checks you need done for employeement. If you are even thinking of needing a security clearance a foreclosure is not something you want or need! If successfully done a short sale has much less impact on your overall future. • Short Sales never work! o This is the single biggest reason I hear most sellers just giving the keys to the bank. Simply giving up and leaving their fate to whatever the bank decides to do either now or in the future. For the most part the process for a seller is actually less painful in a short sale then a normal sale. Think about it,...