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What is the difference between Foreclosure and
Pre-Foreclosure?
A Foreclosure is when the lender has
gone through the foreclosure process on a property. In the
industry the property is "Bank Owned" or "REO". A
Pre-Foreclosure is when the seller is trying to sell the
property during while the Foreclosure Process has started.
It may or may not be a "Short Sale".
What is a Short Sale?
A "Short Sale" is when a Seller is selling
their property for less than what is owed on the mortgage and
the mortgage holder must approve the sale. Only an agent
that is Certified for this kind of transaction should be used. Short Sale
can be very tricky for both the buyer and the seller. It is
estimated that 10-14% of Short Sales contracts actually settles
due to its unique situation and the low experience level of most
real estate agents. I, myself have been Certified by
RE/MAX Gateway as a "Short Sales" specialist.
As a buyer, which type of property should I look at?
In order of priority; Seller owned,
Foreclosure. I really discourage Short Sales. With
Seller owned you have more negotiating power to correct nonworking
items. You get the H.O.A doc's and the parties both have
incentive to complete the sale.
With Foreclosures, you will have to accept the property "AS-IS" .
The title is good clean and marketable but sometime there is a title
problem that will delay settlement. The thing to remember
with Foreclosures is "what you see is what you get, as is where is".
However, buying a Foreclosure often is a rewarding event.
Without a Short Sales specialist, Short Sales are tough. It usually ends up on the day of
settlement that the mortgage holder will not approve the deal and
will try to renegotiate it. The buyer at this point has spent
thousands of dollars on application fees, appraisal, home
inspections, etc... The title can also be encumbered by H.O.A
liens and mechanics liens. During the Foreclosure process, all
these liens are wiped out. RE/MAX Gateway requires that it's
agents become "Certified Short Sales" specialist before handling
short sales.
As a owner of a distressed property, what should I do?
Call me! There are other options
for you that may not have such a dramatic effect on your credit.
What if I want to buy one of these properties?
Call me!! As I have said before,
when gone right, it can be very rewarding. Proper
preparation and understanding is going to be the key issue for
that. All consultations are free.
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Call Mark
Hastings, RE/MAX Gateway for all of your Real Estate Needs!!
18 Years serving Fairfax County, Loudoun County and Prince William County
Serving
the Northern Virginia Areas of Alexandria, Annandale Arlington, Ashburn, Burke, Centreville, Chantilly, Clifton Falls Church, Fairfax, Fairfax Station, Great Falls, Herndon, Leesburg, Manassas, Manassas
Park, McLean, Oakton , Reston, Vienna, Woodbridge and surrounding areas.
S. Mark Hastings
4090-B Lafayette
Center Dr.
Chantilly, VA 20151
Office: 703-652-5702
Fax: 703-263-2510
E-mail: info@markhastings.net
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