Loudoun County Real Estate

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 owner / 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