Another VHDA Short Sale Approved - Park Place Condo in Alexandria VA
Alexandria VA Short Sale Help - Alexandria VA real estate market statistics show that short sales are not a huge part of the market, so it takes an experienced agent who specializes in these types of transactions. We are helping another homeowner stop foreclosure in Alexandria VA with a short sale. Our listing located at 2500 N. Van Dorn Street - Unit 1214 is a VHDA short sale that has just been approved. The list price is $89,000.
Should I Buy a Short Sale in Alexandria VA?
If you are in the market to buy a home in Alexandria VA, a short sale may be a good opportunity for you, but these types of transactions are not like traditional resales. For example:
- You should be flexible with your closing date. It's a good idea to allow a minimum of 60 days for a short sale to be approved by the seller's lender. This may take longer if there is more than one lender, or additional liens that need to be negotiatied such as IRS liens or delinquent HOA/condo fees.
- You should be able to pay all of your own closing costs. Keep in mind that the homeowner is selling the home for less than what they owe, that means their lender is taking a loss. The short sale lender may not allow buyer closing costs to be included, so it's a good idea to be well qualified and have your down payment and closing costs already in the bank.
- Short sales are sold in as-is condition. Typically with short sales, there is no negotiation of repair items. You can still negotiation the home inspection contingency to be part of your offer, that way if you find the home inspection unsatisfactory you still have the option of cancelling your contract.
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