Short sales are a highly talked about and written about topic in the current market because a lot of homeowners owe more than their homes are worth. This is especially true in Loudoun County because of the tremendous run up in prices followed by a sharp decline in home values in the last 2 and a half years.
And what was once an almost impossible task now represents over 10% of the transactions in our area. Banks have become increasingly willing to avoid foreclosures as long as owners are willing to communicate with the banks and navigate their frustrating and seemingly backwards short sale process.
The three keys to a successful short sale are a realistic expectation in the buyers mind, knowledge of the process and requirements and a tenacious follow up with the banks. And truth be told most agents are not equipt to handle these sales or willing to do what is necessary. Therefore you must choose your agent wisely and experience is absolute mandatory.
But as a homeowner you must not give up and you must not just let the banks foreclose. That is absolutely the worst thing you could possibly do.
