Fairfax County VA Home Search Website Blog

A short sale happens when a lender agrees to accept less than the balance remaining on a home. It is a way for sellers to avoid foreclosure and sell their home. It seems like a good idea for people who owe more on their home than it’s worth, but that doesn’t mean it is right for everyone. Should you consider a short sale on your Fairfax County VA homes for sale?

Pros

• You will be able to sell your property and get out from under a mortgage you cannot afford and lower your debt
• You can still sell your property in a declining real estate market even if you owe more than the home is worth
• Buyers sometimes get good deals on the property or may be able to buy a home at market value in a popular area
• A short sale is better than a foreclosure which stays on your credit report for 10 years

Cons

• If your home goes into foreclosure and is sold at auction for less than the mortgage, you can still be held responsible for making up the difference
• The lender may refuse to do the short sale
• The bank’s loss is considered taxable income for you, and you may have to pay taxes on the amount
• Short sales do stay on your credit report and may make it difficult for you to a get loan in the future
• You may have to find a real estate agent willing to work for a smaller commission
• Short sales take longer to close than traditional home sales

I can help you decide if a short sale on your Fairfax County VA homes for sale is right for you. Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information about your selling options.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939