The reward of buying a short sale in Northern VA is to save money and build instant equity when the keys are passed over the settlement table. When buyers are looking for real estate, either a home or investment, and comes across a short sale they should keep some points in mind. The price of a short sale home will usually be below market value and many times below foreclosure prices of comparable homes in good condition. This is the case for one reasons, Short sales can take on average of 3 to 4 months to get bank approved or declined and can waste time. Here is an article describing these short sale risks in Northern VA, The Risks of buying a short sale.

Since short sales in Fairfax, Loudoun, and Prince William County can take so much time and risk to purchase it makes for a good opportunity for home buyers to get a savings. Unlike Northern VA foreclosures, home owners normally occupy short sales while it’s being considered since they still own the home whether they are making payments or not. With REO’s the home has foreclosed and the previous owners sometimes vandalize the home on the way out because they were being forced out by the bank. Short sales often times have been maintained and kept in better condition because the home owner still occupies the property. The home owner is also motivated to maintain the home so buyers will patiently wait for an approval and get to settlement in order to get them out from under their upside down situation. This is a good option for many homeowners who do not want a fix up or pay to fix up a rundown foreclosure upon settlement. This is generally the case but can and does very depending on the individual home.

There are so many options In Northern VA with short sales, REO’s, foreclosures, corporate sales, new build, custom homes, auctions, and regular vanilla resale’s for buyers to choose from for a home. Negotiating the complex market and determine what is the best home to buy should be left to a knowledgeable Realtor with the buyers needs and wants in mind. (ATTENTION: This is a shameless plug for my Real Estate services, Contact me.)Understanding the market and the rewards and risks of purchasing and selling homes are the reason why you should hire me. Don’t forget that Virginia is a Buyer beware, state, click here to read more about having a Buyers agent, Buyer Beware.