Loudoun County Real Estate

January 20, 2009

Loudoun County Short Sale Listings for Sale January 2009

Filed under: Short Sales Loudoun County — Tags: — admin @ 1:36 pm

Short sale listings throughout Loudoun County.  Call Lenn Harley, Broker

Homefinders.com to tour homes in your area of choice.  800-711-7988.

Short Sale listings in Loudoun County begin in the mid $150,000s for homes ready to occupy.

Zip5 ListPrice ClosePrice BR FB HB # Gar Lot Acres YrBlt
Purcellville 20132 $430,000   5 3 1 2 0.41 2005
Ashburn 20147 $433,900   4 3 1 2 0.13 1999
Chantilly 20152 $434,900   3 3 1 2 0.14 2004
Leesburg 20176 $435,000   5 2 1 2 0.2 2001
Round Hill 20141 $439,900   4 2 1 2 0.13 2005
Lovettsville 20180 $449,000   3 3 1   25 1976
Purcellville 20132 $449,000   5 3 1 2 0.3 2007
Broadlands 20148 $449,900   4 3 1 2 0.15 2002
Leesburg 20175 $450,000   5 3 1 2 0.21 2000
Lovettsville 20180 $450,000   4 3 1 2 0.28 1994
Stone Ridge 20105 $450,000   4 2 1 2 0.16 2004
Ashburn 20148 $459,000   5 3 1 2 0.25 2005
Ashburn 20147 $460,000   4 3 1 2 0.17 1996
Leesburg 20176 $460,000   4 3 1 2 0.18 2001
Lovettsville 20180 $464,900   4 4 1 2 10.75 2005
Ashburn 20147 $475,000   5 3 1 2 0.15 2002
Aldie 20105 $479,900   4 3 1 2 0.14 2004
Purcellville 20132 $487,400   4 4 1 3 4.07 2003
Leesburg 20175 $489,000   5 3 1 2 0.28 2001
Chantilly 20152 $490,000   3 2 2 2 0.13 2000
Purcellville 20132 $495,000   5 3 0 2 4.6 1994
Leesburg 20176 $498,900   5 3 1 2 0.21 2005
Ashburn 20147 $499,000   5 3 1 2 0.18 2005
Sterling 20165 $499,000   4 3 1 2 0.17 1993
Ashburn 20147 $499,900   5 3 1 2 0.18 1995
Leesburg 20176 $499,900   5 5 1 2 0.28 2004
Ashburn 20147 $499,900   4 3 1 2 0.26 1993
Sterling 20164 $499,900   5 3 1 2 0.2 1999
Sterling 20164 $500,000   5 4 0 2 0.23 1993
Leesburg 20175 $500,000   4 2 1 2 0.34 1996
Leesburg 20175 $500,000   5 3 1 2 3.11 1980
Leesburg 20176 $519,000   5 3 1 2 0.22 2000
Ashburn 20147 $520,000   5 3 1 2 0.17 2004
Ashburn 20147 $524,900   6 3 1 2 0.31 1989
Chantilly 20152 $524,999   4 3 1 2 0.2 2005
Leesburg 20176 $525,000   4 3 1 2 0.22 2002
Leesburg 20175 $525,000   4 2 1 2 0.59 2001
Leesburg 20175 $525,000   5 3 1 2 0.19 2001
Sterling 20165 $525,000   5 3 1 2 0.22 1999
Sterling 20165 $525,000   4 3 1 2 0.28 1994
Ashburn 20147 $525,000   4 2 1 2 0.2 2005
Chantilly 20152 $534,900   4 3 1 2 0.18 1996
Chantilly 20152 $539,900   4 3 1 2 0.19 2005
Chantilly 20152 $540,000   4 3 1 2 0 2005
Ashburn 20147 $545,000   4 3 1 2 0.27 2001
South Riding 20152 $549,900   4 3 1 2 0.18 2005
Purcellville 20132 $550,000   5 5 1   3.15 2005
Chantilly 20152 $550,000   5 4 1 3 0.51 2006
Leesburg 20175 $550,000   4 3 1 2 0.21 2002
Hamilton 20158 $550,000   4 4 1 3 3.89 2006
Chantilly 20152 $570,000   4 3 1 2 0.19 2005
Chantilly 20152 $579,900   5 3 1 2 0.28 1995
Ashburn 20147 $580,000   4 3 1 2 0.36 1989
Stone Ridge 20105 $585,000   5 4 1 2 0.25 2005
Stone Ridge 20105 $585,000   4 3 1 2 0.21 2005
Leesburg 20176 $590,000   4 3 1 2 0.22 2004
Waterford 20197 $594,900   4 6 1 3 3.06 2006
Leesburg 20176 $599,900   5 3 2 2 0.18 2004
Leesburg 20176 $600,000   6 5 1 2 0.23 2005
Potomac Falls 20165 $649,000   6 4 1 2 0.14 1995
Purcellville 20132 $649,900   5 4 1 3 3.66 2005
Ashburn 20147 $649,900   4 3 1 2 0.23 1996
Ashburn 20147 $649,900   5 3 1 2 0.24 2002
Round Hill 20141 $650,000   5 5 1 3 6.01 2005
Hamilton 20158 $650,000   5 4 1 3 2.25 2003
Sterling 20165 $650,000   4 3 1 2 0.34 2000
Ashburn 20148 $654,000   4 4 1 2 0.23 2005
Ashburn 20148 $660,000   4 3 1 3 0.55 2006
Leesburg 20176 $680,000   4 4 1 2 0.27 2004
Ashburn 20148 $680,000   5 3 1 3 0.65 2005
Ashburn 20148 $699,000   4 4 1 3 0.49 2005
Sterling 20164 $699,900   4 3 1 2 1 2002
Leesburg 20176 $699,990   6 4 1 2 0.25 2004
Leesburg 20176 $699,999   5 5 1 2 0.24 2004
Ashburn 20147 $725,000   4 4 1 3 0.37 2004
Ashburn 20147 $725,000   5 4 1 3 0.51 2000
Round Hill 20141 $729,900   5 5 1 3 5.7 2006
Purcellville 20132 $749,900   5 4 1 2 10.02 2004
Ashburn 20148 $750,000   5 4 2 3 0.75 2004
Leesburg 20176 $774,900   5 5 1 2 0.2 2002
Leesburg 20175 $799,000   4 4 1 3 6.38 2005
Ashburn 20148 $799,000   5 5 1 2 0.57 2003
Sterling 20165 $799,000   5 4 1 2 0.41 2000
Chantilly 20152 $799,000   4 4 1 3 0.49 2005
Leesburg 20176 $799,900   4 3 2 3 0.85 2009
Leesburg 20175 $800,000   5 4 2 3 1.08 2007
Aldie 20105 $814,000   4 4 1 3 1.16 2003
Ashburn 20148 $824,900   6 5 1 2 0.33 2003
Ashburn 20147 $825,000   4 4 1 3 0.3 2004
Leesburg 20176 $830,000   5 4 1 2 0.25 2006
Leesburg 20176 $850,000   5 3 1 3 0.3 2005
Leesburg 20176 $850,000   4 4 1 3 0.33 2005
Leesburg 20176 $871,000   4 5 2 3 0.59 2004
Leesburg 20175 $875,000   4 5 1 5 10 2004
Leesburg 20176 $974,999   5 5 1 3 0.89 2003
Leesburg 20176 $975,000   5 4 1 3 0.43 2004
Sterling 20166 $1,000,000   5 5 1 3 0.48 2005
Purcellville 20132 $1,100,000   3 2 1 2 7.71 2002
Leesburg 20175 $1,199,000   4 5 1 4 10.79 2006
Chantilly 20152 $1,795,000   5 6 1 3 3.03 2004
                   

March 21, 2008

Purcellville Home Short Sale, Under $600,000.

Filed under: Short Sales Loudoun County — Tags: , , , , , , , , , , , — admin @ 4:49 pm

Property Details for listing # LO6593662
Price:  $589,000 City:  PURCELLVILLE
Bedrooms:  5 Bathrooms:  4 full  1 half
Type of Home:  Detached Style:  Colonial
Year Built:  2005 Lot Acreage:  0
Subdivision:  HIRST FARM  County:  LOUDOUN, VA 
State, Zip:  VA, 20132  Status:  ACTIVE 

Descriptions
Comments:  A VERY NICE CORNER SINGLE HOME W/BRICK FRONT & ABOUT 2 YEARS OLD, FINISHISHED BASEMENT, 5 BEDS, 3.5 BATHS, A LOT OF UPGRADES AND EXTENSIONS, GRANITE COUNTER-TOP, EXTENSTION OF FAMILY ROOM, LIVING ROOM, SUN ROOM, GOURMET KITCHEN, JACUZZI AND A LOT MORE. QUIET PLACE!!!YOU MUST SEE INSIDE AND GET THE FEELING!!!THIS IS A SHORT SALE, SUBJECT TO APPROVAL ON THE THIRD PARTY. THANK YOU FOR SHOWING. 

Home Interior Features
Amenities:  Attic-Strs Pull Dwn, Built-in Bookcases, Home Warranty, MBA/Sep Shwr, MBA/Sep Tub, MBR-BA Full, Rough In BA, Shades/Blinds, Sump Pump, Wood Floors, Wpool Jets, Other, Granite Counters  Appliances:  Cooktop, Dishwasher, Disposal, Dryer, Exhaust Fan, Microwave, Oven-Double, Oven/Range-Electric, Refrigerator, Washer 
Basement:  Full, Fully Finished, Outside Entrance, Walkout Level  Kitchen / Dining Info:  Breakfast Room, Kit-Breakfast Bar, Kit-Dining Combo, Kit-Family Combo, Kit-Island 
Other Rooms:  Den/Stdy/Lib, 2nd Family Room, Lndry-Sep Rm, MBR w/Sit Rm, Main Lvl BR, Recreation Room, Storage Room, Utility Room  Heating System:  Forced Air, Heat Pump(s) 
Heating Fuel:  Bottled Gas/Prop, Central  Cooling System:  Central A/C 
Cooling Fuel:  Electric  Water System:  Public 
Hot Water:  Bottled Gas  Parking:  Drvwy/Off Str, Garage, Street 
Room Dimensions

Room

Dimensions

Level

Living Room

Main

Dining Room

Main

Bedroom-Master

Upper 1

Sitting Room

Upper 1

Bedroom-Second

Upper 1

Bedroom-Third

Upper 1

Bedroom-Fourth

Upper 1

Kitchen

Main

Recreation Rm

Lower 1

Family Rm

Main

Library

Main

Foyer

Main

Breakfast Room

Main
Home Exterior Features
Construction:  Brick Front   

Your Agent’s Information

Your Agent: LENN HARLEY 

Phone: 800-711-7988  

Office: HOMEFINDERS.COM 

Listing Courtesy Of

Listing Office: Fairfax Realty, Inc.

Contact Lenn to see.  Lenn Harley, Broker, Homefinders.com 800-711-7988.

January 24, 2008

Short Sales Loudoun County

Filed under: Short Sales Loudoun County — Tags: , , , , , , — admin @ 7:09 am

LOUDOUN COUNTY SHORT SALES.  SHORT SALE LISTINGS IN LOUDOUN COUNTY

SHORT SALES.  WHAT DOES IT MEAN TO LOUDOUN COUNTY HOME BUYERS AND SELLERS?

Short Sale, Foreclosure - terms that reflect the state of the real estate market for many home owners.  Selling a home as a “short sale”
means that the owner of the home has an agreement with their mortgage company that the mortgage company may accept less than
the amount owed in a sale of the property for an amount that is “short” of the full amount owed.  Many of the homes offered for “short
sale” opportunity were purchased during the years 2003-2006 and the owners find that they must sell but the market value of homes
in their area are less than the home owner owes to their mortgage company.  Many homes were purchased with short term ARM
loans that have reset and the mortgage payment is more than the owner can pay.  Or, the owner may have been transferred to another
area and must sell but the price of homes in their community have fallen to less than the owner owe.  Low or no equity presents a
short sale situation when a home owner finds that they must sell.  However, it is not an automatic transaction.  The owner must
meet certain criteria to be eligible for a short sale and the lender must agree.  Knowledgeable real estate practitioners can help guide
sellers and buyers through these transactions for the benefit of buyers and sellers.

Many listings for short sale in the MLS are not yet ready for sale.  Only when the owner / seller has qualified with the mortgage company
may the seller present “short sale” offers.  Short sale home buyers may realize a significant saving when compared with other homes
listed for sale in the same area.  However, the skill level of real estate practitioners varies and home buyers seeking short sale or foreclosure
opportunities should exercise care, especially if you need quick occupancy. 

Agents accepting listings of homes for sale where the seller has worked with their mortgage company to qualify as a short sale seller are
a better resource for homes to consider buying.  Make sure your real estate agent has the skill and knowledge to protect your interests
when considering short sale home listings. 

Short Sales in Loudoun County July 1 through December 31, 2007.

Active Listings of homes offered for SHORT SALE in Loudoun County - 56
Prices for homes offered for short sale in Loudoun County range from $156,000 to just over $1,000,000..

The lowest price is a town home short sale listing in Sterling offered for $156,000.  The average price for town homes in this community
is about $268,000. 

The highest price for short sale listing offered is a beautiful single family home in Leesburg in a luxury community with a community
center, pool, tennis, and more, priced at just over $1,000,000.  Examples of homes in this community are selling for in the $1,250,000
price range. 

Short Sale Real Estate in Loudoun County VA

Filed under: Short Sales Loudoun County — Tags: , , , — admin @ 6:52 am

SHORT SALES: POSSIBILITIES AND PROCEDURES

HOW MANY ARE SHORT SALE OPPORTUNITY AND HOW MANY ARE LISTING OPPORTUNITIES?

SHORT SALE ACTIVITY IS OFTEN UNCHARTED TERRITORY FOR MANY AGENTS AND BROKERS.

“SHORT SALE” has become “short hand” for the description of a house that an owner needs to sell, has tried to sell and is unable to sell. 

The term short sale has been substituted by agents in the MLS listings for “must sell” or “make an
offer”, all short hand for desperate seller.  We’ve always had short sales.  But, until the last year or so,
we have had a proliferation of homes advertised as short sales when in fact, they are not all so.

In the MLS for homes for sale today in Montgomery County, Maryland, and this is representative of all
of the densely populated areas of the DC/MD/VA market area within the Baltimore/DC area, there are 177
homes advertised as “SHORT SALE”.  There are 71 homes listed as “foreclosure and/or REO”
The listing agents for the short sales are not very concentrated although a few agents are carrying
5-6 listings, most have only 1 or 2.  Foreclosure/REO sales, on the other hand, are concentrated with
a few agents and I am familiar with several of these agents as foreclosure specialists.  In fact, we’ve
sold some of these bank owned homes and the processes are highly routinized and efficient. 

Short sales, however, appear to be taken by an agent who sees it as an opportunity for a listing,
but that doesn’t mean that they have any short sale experience. 

Below is a profile of a cross section of homes that are advertised in the MLS as “short sale” homes.
There are several levels of short sale listings:

        Bank Approved Short Sale
        Approved Short Sale
        Short Sale
        Short Sale Opportunity
        Possible Short Sale

We contacted a number of listing agents for these listings to determine the true picture. 

Bank Approved Short Sale
We contacted 4 agents for homes advertising “bank approved short sale” and on only two has the seller
actually been in touch with the mortgage company.  One agent thought that a short sale was automatic.

Approved Short Sale
Of the 5 agents we contacted, none of the homes had been “approved” and only one owner had presented
any contracts to the mortgage company, which was rejected.

Short Sale
The owner is behind in their payments.  Make an offer and we’ll present it to the bank.  No, the owner has not
contacted the bank.  No, the owner cannot settle at the present list price. 
financing quite hard. 

Short Sale Opportunity
See “Short Sale” above.

Possible Short Sale
See “Short Sale” above

We contacted 17 listing agents selected at random.  All were offering “short sale” in the Agent Comments. 
Of the listing agents we spoke with, only one has closed a short sale, but it was as a selling agent, not a listing
agent.  So, the experience level is quite low.  Many did not understand that short sales are not automatic. 

The list prices appeared to be a sum of what the owner owed, the real estate commission and some “walking
away” money.  Clearly, the 5-10% by which market values have fallen in some of our areas have hit owner who
purchased 100%.  Many of the homes offered as short sales are owned by real estate agents and brokers
and loan officers and the homes have never been occupied.  These are real estate practitioners who purchased
at the peak of the market in late 2005 and, I found hard to believe, many in 2006. 

ARE THE “SHORT SALES” SELLING??
There have been 21 closed sales of homes advertised as “short sales” in 2007.  Clearly, additional homes
sold as short sales that may not have been advertised as such.  However, 21 short sales is a very small
percentage of the numbers advertised as short sale opportunity with about 177 listed as of today.  Most
of the homes that were advertised as short sales sold for list or slightly below.  Short sale is not yet
a keystroke selection in listings.  The information is in the Agent Comments.  “Pre-foreclosure” is rarely
used.

It can be assumed that a number of the homes advertised as short sales are going to foreclosure, deed
in lieu of foreclosure, or the owner managed a work-out or refinanced. 

PROBLEMS WITH SHORT SALES
The agents in the Homefinders network closed 3 short sales in the past 4 months.  Of the 3 closed,
none were “bank approved”, “approved” prior to advertising the home as a short sale.  We also wrote
2 additional contracts that were rejected and the buyers wouldn’t pay more than their original offer
which was woefully low, about than 50% of market value, a percentage that bargain hunting home buyers
love to offer.  Short sales have been around forever and we don’t find that the procedures have changed
over the years.  Some of the same old, same old. 

Listing agents rarely know that the owner/seller is in default when they take the listing.
Short sales often occur when the title company contacts the bank for the seller pay-off.
Selling agents rarely understand that the bank must approve a short sale.
Buyers often believe that banks will sell homes far below what is owed. 
Banks believe that buyers will always accept an offer that reduces their agent’s commission.
Listing agents believe that the bank dictates the commission to the buyer’s agent. 

PREPARE YOUR BUYER FOR A SHORT SALE OFFER
Get your buyer pre-approved.  If the buyer is pre-approved, the contract is completely in order with all
addenda, disclosures and notices completed when the contract is presented, the mortgage company or
bank will be much more receptive.  If and when the bank counters the offer and presents additional
documents for the buyer to accept and sign, do it quickly.  If the buyer needs legal advice, do it
quickly and if the attorney insists on editing the bank addenda, expect the bank to reject.  The bank
addenda is prepared to protect the bank.  Often a local title attorney is helpful in explaining the bank
addenda to the buyer if the agent is unable to do so.  That is usually sufficient to give the buyer comfort
that the documents are for information.  Of course, if an agent has experience with short sales,
they can usually explain the bank documents and get them signed quickly.  I have found that when
an agent becomes overly cautious (suspicious) about bank documents, the agent doesn’t understand
and can’t explain to the buyer the meaning.  This is also true of the listing agent who thought that
all they had to do was get an offer and send it to the bank and they’d get an answer quickly.  There
are a number of understandings and documents that must be completed by the owner/seller to
prepare for acceptance/counter or rejection of a contract offer. 

SHORT SALES AREN’T GOING TO GO AWAY, SO TRAINING WILL FOLLOW
Since there is no standardization of short sale procedures within the financial industry, I believe that
agents are taking these listings as opportunities for business because the market is so slow and
buyers are scarce.  With the exception of the 50% buyers, few buyers have any understanding of
what short sale buying means and fewer have the patience to wait for the offer, counter offer process
which, in most cases, is much slower than a normal sale.

PROTECT YOUR COMMISSION
On one of our short sales closed, the bank did reduce the commission.  The selling agent accepted
the reduced fee and listened to Lenn rant and rave about it for about 5 minutes.  That sale took
5 months and the listing agent had no short sale experience.  Another agent made a $400 broker
credit to the buyer in order to close which made sense.  She had worked with that buyer who
had limited resources for 6 months.  Lenn didn’t rant and rave because that credit went to the
buyer. 

If a property is sold as a “short sale” or “possible short sale”, buyers agents must protect their 
commission by refusing to reduce or modify your commission when the listing office requests,
which they quite often do.  The listing broker is paying your commission.  If they agree to reduce
the listing commission, fine.  The listing broker still owes the commission offered in the MLS as a
co-op.  There is no 50-50 rule.  Agents who do not perform due diligence when researching a
potential listing can’t expect buyers agents to subsidize the listing office when the sale turns
into a short sale. 

If the MLS listing states that the house is a short sale and the listing broker cannot make any
assurance that the co-op amount will be paid, unless the buyer’s agent is desperate and willing
to work for hand-outs, don’t show the property. 

The new real estate cottage industry:  SHORT SALE TRAINING

                                List Price      Sold Price      DOM
Bank Approved           369,000         230,000         279
Bank Approved           375,000         350,000         237
Approved Short Sale             499,000         520,000         228
Approved Short Sale             1,320,280       1,199,000       244
Possible Short Sale             421,666         490,000         250
Short Sale                      310,000         310,000         167
Short Sale                      424,000         415,000         160
Short Sale Opportunity          425,000         400,000         298
Short Sale Opportunity          383,000             485,000             93

January 4, 2008

LOUDOUN COUNTY SHORT SALES. SHORT SALE LISTINGS IN LOUDOUN COUNTY

Filed under: Short Sales Loudoun County — Tags: — admin @ 2:36 pm

SHORT SALES.  WHAT DOES IT MEAN TO LOUDOUN COUNTY HOME BUYERS AND SELLERS?

Short Sale, Foreclosure - Terms that reflect the state of the real estate market for many home owners.  Selling a home as a “short sale” means that the owner of the home has an agreement with their mortgage company that the mortgage company may accept less than the amount owed in a sale of the property for an amount that is “short” of the full amount owed.  Many of the homes offered for “short sale” opportunity were purchased during the years 2003-2006 and the owners find that they must sell but the market value of homes in their area are less than the home owner owes to their mortgage company.  Many homes were purchased with short term ARM loans that have reset and the mortgage payment is more than the owner can pay.  Or, the owner may have been transferred to another area and must sell but the price of homes in their community have fallen to less than the owner owe.  Low or no equity presents a short sale situation when a home owner finds that they must sell.  However, it is not an automatic transaction.  The owner must meet certain criteria to be eligible for a short sale and the lender must agree.  Knowledgeable real estate practitioners can help guide sellers and buyers through these transactions for the benefit of buyers and sellers.

Many listings for short sales for sale in Loudoun County in the MLS are not yet ready for sale.  Only when the short sale homesowner / seller has qualified with the mortgage company may the seller present “short sale” offers.  Loudoun County short sale home buyers may realize a significant saving when compared with other homes listed for sale in the same area.  However, the skill level of real estate practitioners varies and home buyers seeking short sale or foreclosure opportunities should exercise care, especially if you need quick occupancy.  Short sales may take longer than the average contract if the seller has not been “qualified” by their mortgage company.  Foreclosures may take a few weeks longer to close than a home owner sale.  Bank owned properties usually close in 6-8 weeks and offer financial opportunities that make the wait worthwhile for home owners.  Banks are discounties their foreclosed properties more than in the past and have improved the offer/close time frame. 

Short sales are possible for single family detached, town homes and condomimium homes.                                                                                                            

Agents accepting listings of Loudoun County homes for sale where the seller has worked with their mortgage company to qualify as a short sale seller are a better resource for homes to consider buying.  Make sure your real estate agent has the skill and knowledge to protect your interests when considering short sale home listings. 

Short Sales in Loudoun County July 1 through December 31, 2007.

Active Listings of homes offered for SHORT SALE in Loudoun County - 56
Prices for homes offered for short sale in Loudoun County range from $156,000 to just over $1,000,000.

The lowest price is a town home short sale listing in Sterling offered for $156,000.  The average price for town homes in this community is about $268,000. 

The highest price for short sale listing offered is a beautiful single family home in Leesburg in a luxury community with a community center, pool, tennis, and more, priced at just over $1,000,000.  Examples of homes in this community are selling for in the $1,250,000 price range. 

           
                         

The average price for homes offered for short sale in Loudoun County is about $350,000.  There are bargains to be found. 

Search Listings Homes for Sale in Loudoun County, VA

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail

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