Short Sales Loudoun County
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.
