About Frederick County, VA

When buying a home in Winchester, VA, you need to be aware of time-lines. Everything has a different time-line. A fair market purchase will be different than a short sale. A short sale will be different from a foreclosure, and a foreclosure will be different from a fair market purchase.

If time is of the essence, a short sale is probably not the purchase for you. In some cases, a foreclosure will also fall into this category. Short sales don't typically move along very fast. I've closed them from "contract till closing" in 14 days. That was a miracle. The normal short sale turn around in my experience is 60-90 days. I've also seen them go 9 months before the bank agreed to the contract.

A foreclosure can close more quickly under certain circumstances. If the closing attorneys filed all the right paperwork at the courthouse it may go fast and smooth. If the foreclosing lender followed all of the proper foreclosure rules for the state, it may be smooth. If either or neither is true, it becomes a drawn out process that will require a lot of work behind the scenes to get it to the closing table. In this case, it could linger for 60 days. A typical foreclosure will go from "contract to closing" in 45-60 days.

A fair market closing is often the fastest. There can be hiccups with these as well, but more often than not, they move right along very smoothly. In this scenario, the homeowner is selling his property for whatever reason and he is only waiting for a good offer. Once he has that, he's typically ready to go.

The are advantages to all three types of purchase, the biggest decision you may have to make is what is your time-line. If you need to find housing right away, a fair market sale or a foreclosure may be your best bet. If you have time to wait, a short sale is a great option with a lot of benefits. What is your time-line? Once you know that, you are ready to start looking.

Buying a home in Winchester, VA may depend more on your time-line than your money

What are the benefits of buying a Winchester, Virginia short sale? Short sales do have their challenges, but with the right agent, a short sale can provide a great opportunity for any buyer. Some of the benefits and challenges of buying a short sale are:

• Short sales tend to be in better condition. Typically, the owners are still in the home. Just because they find themselves in a distressed situation doesn't mean they will start ignoring the needs of their property.
• Short sales tend to be priced at or below foreclosures. I recently closed a short sale that sold at 47% of the homeowners mortgage. That is a substantial discount for a new buyer.
• Short sales tend to take longer to be approved and closed than fair market or foreclosure properties. If time is of the essence, a short sale may not be for you. I've seen short sales take 9 months to get all through the process, but the trend is moving to shorter turnarounds. I've had them close within 2 weeks of contract, but I've averaged an approval to closing in the 60-90 day range.
• Short sale lenders must approve the purchase even if the homeowner has accepted the contract. So, the contract is not final without that third party approval.
• Short sale lenders rarely make any repairs or offer any assistance in a short sale. If you need closing cost help, this may not be the purchase for you.
• Short sales can be a great option if you have an experienced shor sale agent working with you. Contact Corrnerstone Business Group, Inc., to discuss your short sale options. This is a time where experience counts.

If you would like to buy, or if you need to sell your home through the short sale process, give us a call. There are benefits in buying a Winchester, Virginia short sale.

The short sale market in Winchester/Frederick County, VA is alive and well. The current market for both city and county offers 555 active listings. Of that number, 55 are currently listed as potential short sales. In the Frederick County listings, short sales make up 9% of the 443 current active listings.

With the combined area of Winchester City and Frederick County, short sales make up between 9-11% of the overall available active listings. Foreclosures make up another 9% of the overall listings. That leaves 80+% of available listings that fall into the fair market category. That high number of fair market properties are as likely to give support to short sale and foreclosure prices as the reverse.

The price ranges for short sales in the Winchester / Frederick County area range from $69,900 - $589,433. Both high and low figures can be found in Frederick County with it's higher number of overall properties, as well as higher numbers of short sales and foreclosure listings.

The average price range for a Frederick County short sale is $178,766. That property is off it's original list price by 16%, and it has been on the market for 88 days. In Frederick County, the days on the market range from 722 to 1. Winchester averages vary between 487 - 1. The longer number of days on the market may signal that distressed homeowners have found a way to continue to support an upside-down mortgage while attempting to short sale a property closer to the payoff.

The pace at which properties are moving through the local market and the limited number of property sales indicates that the ratio of buyers to sellers is still leaning in the buyer's favor. That presents many buying opportunities for savvy buyers, but it places a great deal of pressure on distressed homeowners who are trying to get out from under a house that is currently underwater.

Even though the high ratio of fair market properties available in the Winchester / Frederick County Virginia area may signal good news for homeowners hoping to maintain some of their previous equity in a sale - it means little for a distressed homeowner who is still looking for a little relief.

If you're in the Winchester / Frederick County, Virginia area and you need to sell your home through a short sale, don't give up hope. We can help get you through the process and on to a fresh start with a lighter load. Give Cornerstone Business Group, Inc., a call and we can discuss your options.

Short Sales in Winchester-Frederick County VA - February 2012

If you thought you missed a great deal on a foreclosure in Winchester, VA, you would be wrong. Recent improvements in the local market have not eliminated the overall presence of foreclosures. The Winchester /Frederick County area currently has 38 listed foreclosures.

Of that number, Winchester City holds 7 of those foreclosures, and Frederick County holds the remaining 31 foreclosure properties. Prices range from $74,900 - $359,900. The high and low end foreclosures are in the Frederick County area.

An interesting phenomenon is starting to appear in the local foreclosure market. These properties are starting to sit on the market for longer periods of time. The average days on the market for both city and county foreclosure proprieties has risen to 170 days. The longest DOM comes in at an astounding 1,043.

What that tells me is that banks are not giving these properties away, contrary to popular belief. Of course there are those that sell in 1 day. That is the shortest and most recent number. That was actually one of my foreclosure listings. It was on the market for one hour and sold. But, the trend is not that short. The trend in foreclosure days on the market is growing.

The properties currently listed range in age from 3 years to 102 years. Sizes also vary widely. The smallest property has 960 square foot, and the largest currently listed has 3,193 square feet. Neither of these two properties is the highest or lowest.

The good news is that bargain shoppers still have options in the foreclosure and distressed property market. The bad news is that banks are expecting more, and they are willing to wait a little longer to get it. So, if you're in the market for a foreclosure in the Winchester, VA area, you have options, but be prepared to negotiate.