Fairfax County VA Home Search Website Blog

When the Condos in Arlington VA real estate market slows, you may find yourself owing more on your property than it’s actually worth. If you plan to live in your home or condo for a while, this isn’t a problem because the market will correct itself and you will get back your equity.

However, if you have to put your condos in Arlington VA on the market, you may find yourself paying at the closing table or negotiating for a short sale. A short sale means your lender agrees to accept an amount less than what you owe so you can sell your property. This solution is not perfect, and you need to carefully consider if selling home or condo for less than you owe is right for you.

1. Save your credit score. Your credit score is the most important item banks look at when deciding to give you a loan. The higher your score, the better chance you have of being approved for a loan and getting a decent interest rate. You need to do everything in your power to protect your credit score. A short sale will lower your credit score by close to 100 points, but a foreclosure will drop your score by 250-280 points.
2. You can’t make the payments. If you cannot make your payments because of a job loss or medical reasons, you may need to sell your home or condo for whatever you can get. Your bank may approve a short sale if you can prove a hardship. Even if you have to pay for the difference between the sale price and what you owe, you won’t ruin your credit score by not paying your mortgage on time or risk foreclosure.
3. You’re moving. If you’re moving out of the area and don’t want to rent your home, you may want to cut your losses and sell your condos in Arlington VA real estate for less than you owe. The cost of maintaining two homes, in both money and time, is just too much for most people to handle. Unless your home seriously depreciated, you probably aren’t losing enough to make it worth paying another year’s worth of monthly payments.

If you’ll let me, I’ll help you sell your home or condos in Arlington VA real estate fast and for top dollar. Need some valuable information on how to sell your property?  I’d be happy to send you an informative free book or CD that tells you how to have a successful real estate sale. 

If you’re ready to work with one of the best Arlington Virginia REALTORS®, give me a call at 703-909-3939 or email me at Steve@HomeSearchWebsite.com now! 

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