Find Alexandria VA Homes For Sale

How To Short Sale My Home In Alexandria VA

Need a Helping HandSince 2009, I have developed a rock solid track record for helping homeowners avoid foreclosure.  From condos, townhomes, and single-family homes, many homeowners others were able to sell their home as a short sale with acceptable terms from the bank.

A short sale is where your bank gives you written permission to sell your home for less than full balance that is owed. There are multiple advantages to a short sale, including:

  • Avoiding the financial ramifications of having a foreclosure on your credit report
  • Placing your employment and security clearance at risk with a foreclosure
  • Having delinquent condo/HOA dues negotiated down partially or in full by the bank
  • Limiting the number or late mortgage payments on your credit report
  • Negotiating a relocation credit at closing to assist you in your housing search
  • Having written proof that you are released from the mortgage debt, and not having to worry about the bank seeking a deficiency judgment after foreclosure has taken place
  • Avoiding having to disclose a foreclosure on future employment applications
  • Avoiding depleting your savings and maxing your credit cards to keep up with mortgage payments

Do I Have To Be Behind On My Mortgage?

It depends.  We have helped many homeowners who never missed a payment, but due to their financial hardship, the bank approved them for a short sale.  Some mortgage companies do require you to be behind on your mortgage before they will consider you a candidate for a short sale.

How Long Does the Short Sale Process Take?

This depends on two things: how many loans your have against your property and what bank(s) is involved.  For example, some homeowners have two mortgages, a 'first' and a 'second'.  In this case, both banks would have to approve you for a short sale, the first lender would grant approval first, then the second.  The short sale approval process has become more streamlined over the past few years, so approval is usually granted within 30-45 days.  After you have been approved by your lender, then the buyer side processing will begin.  So, from start to finish, a short sale usually takes 90 days from contract acceptance to closing.

What Are the Possible Outcomes Once My Short Sale is Approved?

When you receive your short sale approval letter, it will outline the terms/conditions of your approval.  When you are selling your home for less that the total balance due, your approval may include:

  • Full approval with the short amount waived and your loan will be considered paid in full at closing. You will not owe any money, and you will not be responsible for a promissory note.  This is the ideal outcome on all short sales.
  • Approval but the bank stipulates that some of the balance is due at closing. This means that in order to close, you will be required to pay money at closing to go toward the balance of your mortgage.  Once closing takes place, there will be no additional money due from you and your mortgage will be considered paid in full.
  • Approval but with a promissory note for some or all of the remaining balance.  We've seen this in very few cases, typically when the homeowner wants to sell, but has the financial means to pay back some of the mortgage.

What Does a Short Sale Approval Letter Look Like?

Here is an example of a Wells Fargo Short Sale Approval Letter that we recently received for one of our clients.

short sale approval letter

What If I Don't Agree to the Terms of the Short Sale Approval?

When you list your home as a short sale, this information is disclosed to the buyer and your purchase offer will be subject to short sale approval.  As the homeowner, you will have the opportunity to review the short sale approval with an attorney.  If you do not agree to the terms of the short sale, you can elect to cancel the sale, and purchase contract will be terminated, and your listing agreement will be canceled without penalty or termination fee.  

What is the First Step?

The first step would be to find out the value of your home to determine if the market value is high enough for you to payoff your mortgage balance without selling short.

Where Can I Find Additional Information?

Since short sales are a different type of real estate transaction,  I've dedicated an entire website to this specific topic.  Please click here for free reports and additional information to see if a short sale might be the right choice for you.  To contact me directly, please call 703-623-8759.

Current Short Sale Listings

$510,000
4 Beds ⋅ 4 Baths ⋅ VAFX2325790 MLS
*PRICE IMPROVEMENT* — There is a great opportunity to be had here. The home hasn’t changed, but the numbers have — and that may change how you see it. Centreville is one of those Northern Virginia locations that quietly does a lot well — commuter access, everyday convenience, local parks, community resources, and weekend staples all within reach. Set in Heritage Crossing, this end-unit townhome offers three finished levels, 3 bedrooms, 3.5 baths, two assigned parking spaces, and a fenced rear yard with patio. The home gives you practical space in the places that matter. The finished lower level includes a full bath and fireplace, creating flexibility for recreation, guests, work-from-home needs, or additional everyday living. The main level offers a comfortable flow for daily use, while the end-unit placement and fenced rear patio add outdoor space without taking on a large yard. The location is the story here. From local errands, shopping, and dining to Centreville Regional Library, Cox Farms, Ellanor C. Lawrence Park, Cub Run Rec Center, and major commuter routes, this home sits in a pocket that connects well to the surrounding area. I-66, Route 28, Route 29, Fairfax, Chantilly, Tysons, Dulles International Airport, and Washington, DC are all part of the larger access picture, with regional Metro options available through Vienna/Fairfax-GMU and the Silver Line corridor. Prior updates reportedly include HVAC installed in 2016, water heater replaced in 2020, fence replaced in 2022, attic insulation updated in 2023, and LVP/carpet updates in 2024.

14187 Royal Oak Ln, Centreville
$365,000
2 Beds ⋅ 2 Baths ⋅ VAFX2317420 MLS
SHORT SALE IN PROGRESS. BARGAIN PRICED!Short sale opportunity priced under market in the highly desirable Random Hills community! Bright and cheerful 2-bedroom, 2-bath garden-style condo in the sought-after Woodson High School pyramid. This ground-level home is located in a secure building and features brand-new carpet throughout, a spacious kitchen with abundant cabinet storage, breakfast bar, and new stainless steel appliances. Enjoy an open dining and living area with a cozy gas fireplace and oversized glass doors leading to your private patio. The primary suite offers a large walk-in closet and private bath. Community amenities include a popular outdoor pool just steps away, perfect for summer relaxation. Two parking permits are available by request through the association. Fantastic location close to Fair Oaks Mall, Fair Lakes Shopping Center, restaurants, shops, and commuter routes including I-66, Route 50, and Lee Highway. Move-in ready with room to add your personal style!

4144 Fountainside Ln Unit #102, Fairfax
$280,000
2 Beds ⋅ 2 Baths ⋅ VAFX2287724 MLS ⋅ Jefferson Mews Condo BLDG.
This is a Short sale good conditions move in ready 2 bedrooms 2 full bathrooms, Thank you for showing.

525 Florida Ave Unit #202, Herndon
Start Your Search