Diana Geremia 703-587-5403

As an agent I see it all the time ..approved short sale in listing remarks in an active short sale listing. Yet, my broker insists that a short sale that is currently on the market and not under contract cannot possibly be approved. Even if the bank had given approval on a prior offer that fell through. This is because approval was only granted for that one offer. Any other offer that comes in will need to be re-approved by the bank. So what is the correct terminology for a short sale that has gone through the approval process where a price has been approved in writing by the bank, but the buyer cannot proceed with the transaction for some reason. It then gets actively marketed again as price oked by bank previously but not approved? What would you put in the remarks to convey this? Does stating pre-approved short sale imply to the purchaser and the buyer's agent that the approval has been granted and it is ready to close once an offer is ratified?

I have a current listing in Lovettville, VA in loudoun County VA with this exact situation and the bank has countered the sales price on the offer and that is the current list price. The buyer withdrew for personal reasons prior to approval. Approval has now come from the bank but there is currently no offer. Is this is now an approved short sale? Would it be safer to say the bank oked this price? I see it all the time where the listing agent says pre-approved short sale we just need an offer? That sounds great but is it really? Is this pre-approved or Price oked?

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Another closed short sale deal last week for LeesburgTownhouse.com. This one was actually on a condo unit in Brookemeade in Leesburg VA. The seller and buyer are both happy and the transaction took about 90 days from start to finish. There were 2 liens in the deal which made it a little longer process. As an experienced short sale realtor in Leesburg VA I am seeing a greater portion of the foreclosure and short sales in Leesburg go short sale. As banks streamline their process it may be the way more sellers go rather than leaving the house to go to foreclosure.

To qualify for a short sale as a seller you need to have a reason you must sell. For example a work transfer, illness, divorce/ death of spouse, Job loss or layoff and even excessive debt can work. There are many other reasons. The process is straightforward.

You call us and we meet with you to explain the process. There is absolutley no obligation. If you decide to proceed selling short sale the bank pays both the realtors commissions on your behalf, you gather all needed documents, you sign the listing agreement, we market the home to get an offer. Once a buyer is committed to purchase with a signed contract we submit all documents to the bank and work to get approval from the lenders and arrange the buyer to do their inspections as needed.

How does a short sale differ than a regular sale?

1.The lender needs to approve the sale,

2 The bank pays all commissions.

3. A short sale will affect your credit some. How much varies according to your situation and whether you are current or not on payments. The more late payments the harder your credit can be hit. Also how the lenders record the payoff agreement with the creditors can affect your score. All is all it is better then bankruptcy and banks look at the sellers willingness to work out a resolution as better than if they walked away and let it go to foreclosure or pursued bankruptcy.

If you may be interested in learning more about short sales go to LeesburgVAShortSale.com where I have a huge amount of information that is free or call me.