About Manassas' Stonington

Another Manassas, VA Short Sale SOLD!

This Manassas, VA Short Sale was on and off the market four times starting in August 8, 2008. The first attempt at Short Sale had a denial from the first trust holder, Bank of America. The second go round was better, but Bank of America countered the contracted sales price with an above market value price, so that buyer couldn't settle and the deal fell out. The third attempt, of our consecutive attempts at marketing, fell through on October 3, 2009 when Bank of America's approval letter didn't meet Northern Virginia's definition of Short Sale Approval on two points: 1) The Sellers were asked to make a cash contribution at closing and 2) Bank of America was reserving the right to pursue a deficiency judgment.

You would think a Short Sale Bank in a market of falling values, would do everything in their power to get the Short Sale to close. But back in those days, Bank of America was strictly on a "No Changes to the Approval Letter" policy. So in this case, a few days before settlement, the Sellers who had consulted with attorneys, decided it wasn't in their best interest to sell the property in a Short Sale. Oddly enough, the second trust with HSBC was never an issue in any of these attempts at Short Sale

In late summer 2011 the Sellers were contacted by Bank of America to sell the same property in a Cooperative Short Sale. This simply was a pre-approved Short Sale in which the Sellers were given relocation assistance in the form of cash to THEM at closing. The paperwork and appraisal process of the Property that preceded the listing took about three months. When Bank of America finally had a list price and was ready for my clients to list, it was October 22, 2011. We were under contract on October 24...just two days later.

For a Short Sale that was supposed to have already been pre-approved at the list price of $127,800, it was odd that we didn't get approval from Bank of America on the full price offer until January 23, 2012. In that time frame, however, HSBC had felt after more than three years, the situation was hopeless and released their second trust lien. So the wait wasn't completely in vain.

This two bedroom Stonington condo settled in a cash deal for $127,800 on February 24, 2012. We had some minor hiccups with getting final HUD approval, but Bank of America was super cooperative and fast in helping us get those issues resolved in less than forty-five minutes on the day of settlement. What a difference three plus years makes in the land of Bank of America Short Sales.

If you are considering a Short Sale, call an agent with experience and success. I've been closing Short Sales for my Sellers since 2007.

Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com, www.SpeakingOfShortSales.com

Manassas Short Sale: Under Contract in Four Days

Manassas Short Sales are typically not the first choice of buyers...unless the buyer has been misinformed as to the discounts on sales price offered by Short Sale Banks. Manassas Short Sales have a general reputation of taking a long time for an uncertain payoff.

When you are a Manassas Short Sale Agent that has built a solid reputation for getting deals done, it's not a shock when they go under contract quickly.

This Manassas Short Sale in Stonington hit the market on October 22nd and had an offer in had on October 24th. October 26th, that offer was ratified.

Looking for a Manassas Short Sale Agent who can get your Short Sale under contract and SOLD for as much money and in as short a period of time as possible? Don't wait. Give me a call. The clock is ticking on the benefit given Short Sale Sellers via the Mortgage Debt Relief Act.

Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com, www.NVARealEstate.net

Absentee Manassas Homeowner Credits Short Sale Success to Persistence of Local CDPE

Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic

A local homeowner's government career led him to an assignment in another continent with his family for several years. His Manassas condo had a normal 1st mortgage and a Prince William Housing Authority-backed "HAP" loan. The HAP loan prohibited him from renting the property or from being absent from it for more than 6 months. Hence he had to sell the condo to pursue his career opportunity.

The home was listed with an experienced local Certified Distressed Property Expert (CDPE) at market value which was (fortunately) enough to pay the 1st in full but required short payment of the HAP loan. Approval for the short second payoff was swiftly obtained from PW HAP and the house was scheduled for closing with the best offer received.

Unfortunately that offer involved financing and the condo association had so many units in arrears on their fee payments that the buyer's lender could not approve the transaction. The listing agent put the property back on the market and obtained a cash offer from another buyer. This transaction was successfully closed in September 2010.

The homeowners C.P. and J.P. said, "Through this whole process you have been a great agent." Achieving success with short sales requires persistence, training and resourcefullness when surprises are encountered. (

(Deanna & Jim's GOLD Team has handled over 500 Manassas area transactions in the last 10 years including over 140 bank-owned sales and dozens of successful short sales.)

STONINGTON

SINGLE FAMILY TOWNHOMES

There are 18 "ACTIVE" Single Family Townhomes for sale in the Stonington community of Manassas. These townhomes are priced from $100,000 up to $249,900. The Average Days on Market for these properties is 176 days. Currently, there are 10 Single Family Townhomes in the Stonington community "UNDER CONTRACT". In addition, there are 5 Single Family Townhomes available for rent at this time priced at $1,195 up to $1,300. For SOLD statistics please contact me directly.

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I am a full-time real estate agent and Realtor®. I am very aggressive and put my clients needs above that of even my own. I am not married or have any children so I am always available if you have any questions or concerns. I take my job very seriously and know that when my clients entrust me with their single largest asset -- their home, I need to do the best job I can for them so that they can get what they want in the time they want.

I do work exclusively by appointment, so if you would like to schedule an appointment to meet with me to discuss your real estate needs please click Schedule Appointment or call me today.

My company and I have two professional offices supporting all of Prince William County. One is in Manassas, and the other is in Haymarket. Since I have clients all over the county I work out of both offices.

I am a Candidate Member of the CCIM Institute, Member of the National Association of Realtors®, Virginia Association of Realtors®, and the Greater Piedmont Area Association of Realtors®. I hold several real estate credentials; Accredited Buyer Representative (ABR), Senior Real Estate Specialist (SRES), e-PRO Internet Specialist, and Commercial Specialist. I have an Associates Degree in Electronics Engineering and a Bachelors Degree in Business Administration.

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"Helping You Get What You Want In The Time That You Want"

-Keith

Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist®

RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (703) 891-9490
Email: kelliott@comcast.net
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