Another Braemar Short Sale SOLD!
Short Sales are a type of sale that happens when a seller owes more than their home is currently worth. If there has been a hardship or relocation for work, family illness, etc, you can petition your bank to accept less than the principal amounts of your mortgage. These sales are not for the faint of heart, and this sale proves that.
First listed on February 27, 2015 for $499,000, and eventually lowered to $478,000, this attempt at selling 13519 Marr Lodge Lane seemed to bring only low ball offers. That was, until a buyer stepped forward that wanted the home, but had to rent it first. No problem. The sellers were current on their mortgage payments so they could certainly oblige. Unfortunately, those buyers, who went under contract to buy the home on August 4th, bailed on the sale just about a week before the Short Sale was approved on October 13th (2015.) On to the next…
The house wasn’t on the market long. It was under contract on October 25th (2015) again. This buyer lasted even less time. They bailed on December 17th (2015.) It is so frustrating that Short Sale Buyers will testify as to how flexible they are and can wait as long as it takes to get Short Sale Approval, but end up voiding the contracting after two months because it is taking too long. No worries. Back to the drawing board.
Our third contract came in to play March 9th (2016.) It took time to work through the issues with the sale, not the least of which was the Short Sale Bank auctioning the property for a price lower than our buyers were willing to pay. Nonetheless, on June 20th (2016) the Short Sale was approved by both banks and the sale closed on July 26th (2016.) It took nearly one a a half years from start to finish. After three buyers and more complications with the Short Sale Banks that I can even express, it is a done deal for $448,350.
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA