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Another Prince William County Short Sale---SOLD!
This Prince William County Short Sale, located in the the community of Rippon Landing in Woodbridge, hit the market on April 15th. Needing some updating in the bedrooms, bathrooms and basement, along with fresh carpet and paint, it was priced at $103,500. Within the first hour on the market, the phone was ringing off the hook with interest in this Woodbridge townhouse.
The winning offer was written on April 15th. While there were higher offers, this was a case of it's not always the highest offer that wins the bidding. It's highest and BEST. And what made the winning offer of $120,000 cash the best was that the Buyers were willing to wait. They gave a Short Sale Approval contingency period that was acceptable at forty-five days, the minimum requested in the listing. They put down $10,000 in certified funds for their earnest money deposit. They also had no appraisal contingency and presented proof of funds with their cash offer.
Believe it or not, the hardest part of the Short Sale was gearing up for Wells Fargo to submit for approval. There were two home equity lines on the home. One, a former Wachovia loan (now Wells Fargo,) the other a home equity loan that originated with Wells Fargo. The Wachovia loan needed to be brought into the Wells Fargo loss mitigation system and required a new loan number. After that was sorted out, approval came within twenty days. The Short Sale Approval letter was generated on May 24th.
The home went to settlement on June 8th, just fifty-four days from the day the offer was written. Not bad for a two loan Short Sale, huh? The Seller was able to avoid foreclosure and for a relatively small cash contribution toward the shortfall of the mortgage, was released from any further obligation under the loan. The Buyers got a great deal and a fast turnaround considering the fact it was a Short Sale.
Working with a Prince William County Short Sale Agent that has experience is the key to a successful Short Sale transaction. If you are in need of a Short Sale Agent, give me a call.
Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®
703-402-0037, ChrisAnn@LNF.com, www.nvarealestate.net
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My Team has 34 years experience in Woodbridge, Dumfries, Manassas, Gainesville, Haymarket Prince William County ”Experience Isn’t Expensive – It’s PRICELESS”
If you plan to buy or sell a Westridge or other Woodbridge or Prince William County home contact Karen and Art by Email or call us at 703-690-6569. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.
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My Team has 34 years experience in Woodbridge, Dumfries, Manassas, Gainesville, Haymarket Prince William County ”Experience Isn’t Expensive – It’s PRICELESS”
If you plan to buy or sell a Prince William County home contact Karen and Art by Email or call us at 703-690-6569. Put our record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.
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Are you still searching for a new home in Woodbridge VA priced under $300,000? Then put this lovely detached home in the Morgan Point section of Rippon Landing on your list to check out.
Featuring:
4 BR/2.5 BA
Main level Office
Main level Den
Main level Dining Room
Main level Family Room
Kitchen with island and table space
Lower level has a huge recreation room
Aproximately 3700 finished square feet of finished living space.
Built in 2005
Call Cindy Jones at 703-346-2213 to see this home in Woodbridge VA today.
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