Talking about foreclosure can fill up an entire book by itself. However, you should learn the 3 kinds of foreclosures when looking for such Fairfax VA homes for sale.

First, you have short sales. Fairfax short sales occur when the property seller is still residing in the home and can’t afford to pay their monthly mortgage payments. However, since the market’s down, they will only be able to sell it for less than their total outstanding mortgage amount. This is known in real estate as being “upside down in your house.”

For a set duration, the bank will allow the owner to get a buyer for their house while they are unable to make mortgage payments. Then, on the day the final escrow closes, the lender will accept the loss on the difference between the lower sales price and the remaining mortgage balance.

As a short example, a homeowner’s lender could take a Fairfax short sale payoff of only $310,000 on a loan balance of $350,000. The biggest issue homeowners face here is making the lender agree to take that much of a loss and agree to the deal. This drawn-out subject matter requires some very shrewd dealing itself. What usually happens is 75% of Fairfax VA homes listed as short sales going instead to foreclosure because the lender won’t accept too big of a loss.

Many banks are going to attempt to sell it themselves and only accept the short sale deal after finding out for themselves. To get the best results with Fairfax short sales and Northern Virginia foreclosures, it’s highly recommended to get an agent who specializes in it.

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Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, “Inside Real Estate”

Thierry Roche specializes in loan modifications and short sales in Fairfax Virginia.

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Phone: (703) 222-6714.

Thierry@ThierryRoche.com

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