Northern Virginia Realtors: January 2010

What happens if the short sale ain't approved. Email to buyer prospect.


I was scheduled to show property at this moment but it has been snowing like a bandit since early this morning and the clients postponed....soooo I am answering email. This one is to a buyer prospect who has been watching the status of a very interesting home that is in short sale purgatory. Nice photos not included in his email.

Bob,

Down the bike pathThe listing agent for this property currently has three offers in hand. One Reston's founder Bob Simon in icesubmitted and 2 back ups. To date the bank has shown no interest in the highest offer.

 

 

As we have discussed, banks often take 4-6 months to even get around to LOOKING at a submitted short sale offer. In this case a short sale negotiator has been assigned and has looked at the highest offer and the seller's hardship package...yet no approval has been forthcoming and they are 5 months into the process.

In the event that Applegate does not sell via the short sale route...it will eventually be sold in front of the Loudoun County courthouse at a trustee's sale...however, this far out it can be annoying to track....but if it interests you, most of the trustee sales are posted in the legal notices section of the Washington Post.   (once in the legal notices section, you can make note of the different trustee's websites.

This is where they post the upcoming auctions (in most cases). Tracking them here is much easier than reading the notices.

What you read in the notice is the exact process....if you want to buy, you need to have your cash lined up well in advance, since the trustee will want  the balance of your bid in certified funds at settlement within 15 days (usually) of your winning bid. Each auctioning firm sets its own cashier's check requirement for deposit which you will hand to the auctioneer immediately...should you win.

 

This amount is usually around 10% of the anticipated purchase price (the exact amount needed is in the notice)...if you decide to walk away after buying....this will not be returned.....it is a risky business. We recommend that you consult an experienced real estate attorney well in advance of your pursuit, so that you totally understand the risks

The bank will open the bidding with the minimum amount they will accept...often the amount owed (which in this case is obviously much more than the current market value of the property)....so you could wait, track and prepare for nothing. If no human outbids the bank, the property ownership will be transferred back to the bank by the trustee....it will then re-emerge 90-120 days later as an REO property... listed with another Realtor which that particular bank uses in the area. It can then be purchased almost like a regular human owned listing at that point...with some additional contract addenda.

Should you consider purchasing this property (or any other) at a trustee's sale, you should attend an auction 2-3 times in advance to see how it all works. I am happy to go with you and explain the flow if you would like....I attend the Fairfax and Prince William county auctions regularly and will be going to Loudoun's this coming week. They are all the same....the trustee's rep just goes from one courthouse to the next....often just hours apart.

Please stay in touch if we can be of service,

Steve Bachman

 

Why pay more and get less when selling your home? Jan and Steve Bachman of RE/MAX Gateway still create full color brochures, an individual property website for your listing that goes out to 40+ public real estate search sites including Realtor.com, Trulia, Zillow etc.

 

We also create a custom photo tour that is sent to other agents and prospective buyers.

 

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Jan and Steve Bachman are full time Realtors® with RE/MAX, specializing in Homes for Sale in Fairfax, Loudoun, Prince William and Arlington Counties.

 

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