Buying a Short Sale in Alexandria, Lorton, or Woodbridge, VA

Thinking of buying a short sale in Alexandria, Lorton, or Woodbridge? Get the facts first! Here are a few things to consider before committing your time and resources to purchasing a short sale in northern Virginia.

· What is a short sale?

The term "short sale" refers to the sale of property where the total of the seller's outstanding loan(s) exceeds the current market value of the home. Basically, the seller has no equity!

· Is buying a short sale property a good investment?

The short sale process can be lengthy and time consuming. However, there are still many well-kept properties being sold as short sales. Often, the final sales price of a short sale property is less than that of other homes in the area. Therefore, if patience is your virtue, then buying a short sale property may be a very good deal for you.

· Will sellers negotiate the price of a short sale property?

As with any home sale, the sales price is always negotiable. However, the seller's lien holder(s) must approve the final sales price before buyer and seller can proceed with the transaction.

· Can I still get a home inspection when purchasing a short sale?

Absolutely! As the buyer, you are still entitled to various types of home inspections. However, most short sale properties are sold "as is" because the seller(s) is not financially able to make any repairs and the lien holder will not make repairs on behalf of the seller(s). Therefore, all repairs will “likely” be the responsibility of the home buyer if he or she decides to move forward with the sale after the inspections have been completed.

· How long will it take to complete a short sale transaction?

Each short sale transaction is unique. Because each bank (lien holder) has its own approval process, this is usually where most of the time is expended. This process can take anywhere from a few days to several weeks and even months. Although buyers have the option to walk away from a short sale at "practically" any time, keep in mind that purchasing a short sale property requires tremendous patience.

· What is the buyer's first step in considering the purchase of a short sale?

The buyer's first step is to contact a REALTOR® who specializes in short sales. As a Certified Distressed Property Expert (CDPE), I have assisted many buyers and sellers in the short sale process. Using my expertise and experience in the short sale process, I will seamlessly guide you through the many ups and downs associated with purchasing a short sale property.

For an immediate appointment, please contact me at 703-298-6546. For additional information on short sales in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern VA or MD, please visit my website at www.LisaDunham.com.

If you are interested in buying or selling real estate in Alexandria, Lorton, Woodbridge or any of the surrounding areas in northern Virginia and Maryland, please contact me for assistance.  My specializations include first-time home buyers, home sellers, luxury homes, short sales, foreclosures, relocation, and divorce.

Lisa Dunham, MBA, CDPE, ABR, ePRO 
Allison James Estates & Homes 
703-298-6546 (Mobile) 
Lisa@LisaDunham.com 
www.LisaDunham.com