What Can Braemar Buyers and Sellers Expect When Dealing with a Short Sale?
Braemar buyers and sellers have many questions when it comes to Short Sales. And as a Northern Virginia Short Sale Agent that’s been listing and selling Short Sales since 2007, I have answers. These answers are specific to the experiences I have had since my first Bramear Short Sale in the fall of 2007. I have been tracking my Short Sale statistics, and they reveal some interesting answers.
First question most people have when it comes to a Short Sale is: What percentage of market value will a Short Sale Bank accept? That answer is one I usually answer by my gut with a quick 95%. Looking at what percentage of list price my Short Sale listings garner when they sell says my gut is right on target. For starters, I don’t price my Northern Virginia Short Sales below market value. I don’t see the point. Banks want market value. So when I see that my Short Sales are selling for an average of 98%, I am not surprised in the least. By the way, the lowest percentage of list price one of my Short Sales sold for is 92%. Highest is 110%.
The second most popular question when it comes to Short Sales comes from sellers: How many days does it take to get a Short Sale under contract? Short Sale Sellers often worry that getting their home under contract will take six months because buyers will avoid their home because of the Short Sale aspect. On average, my Short Sale listings go under contract in 41 days. That’s about six weeks! And the median time frame is 22 days.
The third question is a critical one: How many long does it take to get a Short Sale approved? Again, there is a ton of bad news in the marketplace. I am here to tell you that on average, my Short Sales get approved 60 days after the contract is written. That’s a number that comes from both one loan and two loan Short Sales. If I break those numbers out, one loan Short Sales get approved in an average of 48 days. Two loan Short Sales get approved in an average of 58 days. The news is not nearly as bleak as you think…at least when you are dealing with an experienced Northern Virginia Short Sale Agent.
The final question is just as critical as the third: How long does it take for a Short Sale to go to settlement? This answer obviously includes the time frame it takes for approval and then some. Typically, buyers will not have their inspection, or start their loan processing until a Short Sale is approved. Generally, a Short Sale contract will allow a buyer 30 days from approval to get to settlement. On average, from contract to closing, my Short Sales take 85 days.
So there you have it. All the answers to Short Sales you wanted. But remember, those are statistics specific to MY Short Sale business. So if you want these results, give me a call.
Chris Ann Cleland, Associate Broker–Licensed in Virginia, Long & Foster REALTORS®