Arlington area Short Sales are Good Deals for All!
I really enjoy working with sellers owe more than there home is worth. In other words, short sales. Let me clarify...
I know there are lots of people out there in Arlington and the surrounding areas that need to sell their homes and they owe more than the home is worth. When this happens, there are 3 options available:
- Foreclosure - The bank takes the home back and the owners credit is hit hard. So hard in fact that it is highly unlikely that another home can be purchased for seven years. Not good.
- Short Sale - The home owner gets authorization from the bank to sell the home for less that what is owed on the note. A good option as some banks are reporting short sales as paid in full. Additionally, another home may be purchased in 24 months if the financial means are there. A better option than foreclosure for sure.
- Coming to the table with money - The best option would be to come to the table with whatever the delta is between what is owned on the house and what the house sells for. Most people are not in a position to do this but if one is, this option should be strongly considered.
Focusing on short sales... I like working with these kinds of sales because I KNOW I can really help the homeowner. I have lots of experience and know how facilitating the sales and it really helps the seller out of a tough spot. It also brings a little happiness to me knowing I've helped them out and I've done something not many other Realtors are capable of doing. I feel like Rocky!
So here's how to set the banks up for the short sale knock out punch:
- Send in the short sale package ASAP. Make sure the package is completely properly and "packaged" correctly so that your file gets selected out of the 400 files sitting on the loss mitigator's desk.
- Include an offer on the short sale in the initial package. I have several groups/pools of buyers, investors ect I work with that always love to get a crack at buying a short sale because they are usually great deals. The guys are always happy to write an offer and get first shot at a deal. Sometimes, I'll even buy them!
- Create a high demand for the property and get plenty of buyers through it the first two week ends. Think auction ;-)
- Negotiate with the loss mitigator AND the BPO agent.
These are just a few of my tips for completing short sales and....
A Great Deal is had by all in roughly 45 days!
The seller gets out from under the house they can no longer afford, the buyer gets a good deal and both agents get paid. All in a timely and efficient manner.
If you, or someone you know owes more than your home is worth and needs to sell
Call me directly at 703-930-5800 or contact me by email
Contact Justin Dibbs of Dibbs Realty Group of Keller Williams Realty, Arlington, VA.
Realtors®, call 703-930-5800 to list your property for sale or to purchase a property in Arlington, Alexandria, Old Town, Falls Church, Vienna, Fairfax, Oakton, McLean area's.
