Fairfax, VA Short Sale Real Estate
Fairfax, VA is a posh and modern city with houses that are priced well above the nation’s average.
While some may say these prices may be rather high, it does not mean you cannot find a great deal on an amazing home.
Being so close to the nation’s capital helped to shield Fairfax from the housing market crash.
Those who want to live in this affluent area may find that they are having a hard time finding something that fits in their budget. Because of the higher prices, short sales are a great way to purchase homes.
Seeking Expert Help
First, it is imperative to have a Realtor help. A Realtor knows the ins and outs and can help to make a short sale close. The problem with short sales is they take a long time. They can be a long drawn out process, but that is not always the case. The difference in a short sale from a foreclosure or repo sales is that there are more people involved, both the bank and the intermediary.
An offer is submitted to the owners of the home who in return submits it to the bank. The bank can take its sweet time in coming back with an answer. A lot depends on the bank and how soon they plan to sell the home.
Because these homes are sold at a reduced rate, the bank must consider many things, like how much of a loss they will experience. Most banks have an idea of what they would like to get out of the home and if the offer comes in below that, it may take them some time to get back with the person. Part of the delay in processing a short sale is these departments are backed up.
Life After the Mortgage Crisis
With the economy still being in turmoil, many people are attempting to avoid foreclosures by working a deal with their bank and selling through a short sale.
People love short sales because they can get a nice house for an unbelievable price. For some, it means getting a house that they normally could not afford. Short sales in Fairfax are abundant and for this reason, there are many different ones to choose.
The thing that people have to ask themselves is if they want to get emotionally involved with a home and then have the possibility that it will be lost. The waiting period can also be intense and many may wonder if it is worth it.
In a sense, it is a gamble to bid on a house that may or may not close. Just like most things in life, either taking a gamble can pay off big or there can be a big loss. In this case, the loss is more emotional than monetary.
While most lenders make the process difficult, they are all for selling a home before it becomes a foreclosure. Once a home because a foreclosure, there are attorney fees and various other associated costs that are avoided if the home is sold to a willing buyer. Short sales take time, but they are worth it, especially in the Fairfax area.