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Short Sales in Northern Virginia are Being Encouraged by the Fed

A short time ago when anyone heard the words “Short Sale”, they cringed in disgust.  The reason for this awful taste in Realtor’s® mouths was the uncertainty of a short sale. Banks were taking as long as 8 months to get back to the agent and buyer.  More often than not, hearts were being broken because of wasted time.  The long wait shattered the dreams of anxious buyers as they saw their potential home go to foreclosure.  There are just too many homes and files to handle for the amount of processors at the banks.  Times have changed in the past few months which is light speed in the real estate world.  Short sales in northern Virginia are being encouraged by the Fed now.

Beginning April 5th, the Obama administration will encourage delinquent borrowers to avoid foreclosure and instead give up their homes in short sales by streamlining the process as short sales in northern Virginia are being encouraged by the Fed.  The program will offer a cash payment to the home owner, as well as to the servicer and second-lien holder.  This will also protect borrowers from future lender lawsuits for the unpaid mortgage balance.

The real estate agents will play a big role to assess home values and come up with a minimum acceptable offer.  Any offer will have to be accepted that is equal to or higher than the minimum acceptable offer. We will start to see a big shift from foreclosures to short sales.  It is saving the banks a lot of money in the long run.  Troubled borrowers should not be ashamed to ask for help.  These are tough times and there are short sale specialists in Northern Virginia that can help at no cost!

  1. 3 beds, 2 baths
    Home size: 1,280 sq ft
    Lot size: 5,942 sqft
  2. 4 beds, 3 baths
    Home size: 1,508 sq ft
    Lot size: 11,240 sqft
  3. 3 beds, 3 baths
    Home size: 2,865 sq ft
    Lot size: 2,178 sqft
  4. 3 beds, 3 baths
    Home size: 1,530 sq ft
    Lot size: 882 sqft
  5. 2 beds, 2 baths
    Home size: 1,074 sq ft
  6. 1 bed, 1 bath
    Home size: 965 sq ft
  7. 2 beds, 1 bath
    Home size: 785 sq ft
  8. 2 beds, 2 baths
    Home size: 1,539 sq ft
  9. 5 beds, 5 baths
    Lot size: 6,599 sqft
  10. 4 beds, 3 baths
    Lot size: 18,118 sqft

See all *Fairfax County ALL Foreclosures.
(all data current as of 7/17/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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