Purchasing Fairfax Foreclosures Through Short Sales

Talking about foreclosure can fill up an entire book by itself. However, there are three types of foreclosures you should be aware of when looking for such Fairfax VA homes for sale.

The first is called a short sale. Fairfax short sales happen when the owner-seller still lives in the home but can’t pay the mortgage payments much longer. However, since the market’s down, they will only be able to sell it for less than their total outstanding mortgage amount. In real estate, this is called as “upside down in your house.”

For a set duration, the lender will let the homeowner try and sell their house while they are unable to make mortgage payments. Then, on the day the final escrow closes, the lender will accept the loss on the difference between the lower sales price and what’s left of the remaining higher balance of the owner’s mortgage.

As a short example, a homeowner’s lender could take a Fairfax short sale payoff of only $310,000 on a loan balance of $350,000. Now the challenge is actually in getting the lender to accept the loss. This drawn-out subject matter requires some very shrewd dealing itself. What usually happens is 75% of Fairfax short sales foreclosing because the bank won’t accept losing that much.

Many banks will try to sell the property off by themselves and only accept the short sale deal after finding out for themselves. To get the best results with Fairfax short sales and Northern Virginia foreclosures, it’s highly recommended to get an agent who specializes in it.

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Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, “Inside Real Estate”

Thierry Roche specializes in loan modifications and short sales in Fairfax Virginia.

Get Your Free Loan Modification Kit here! Learn more information and options on avoiding North Virginia Foreclosure!

Fairfax Loan Modification Help. Fairfax Short Sales. Fairfax Short Sale Realtor. Fairfax County Short Sale Realtor. Fairfax VA Short Sales.

Phone: (703) 222-6714.

Thierry@ThierryRoche.com

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