Lake Ridge VA Real Estate News

                             Wachovia Bank Has Wonderful Systems In Place To Approve Short Sales.

When it comes to short sales most Realtors across the country will tell you, they are time consuming and frustrating. With a little luck and a lot of determination your short sale might  be approved in three to four months.

However mention the words Wachovia Bank and many Realtors ( including me) breathe a sigh of relief.

Helping homeowners who have a Wachovia Mortgage and who need help selling by short sale is a very streamlined process. Currently I am working with Wachovia Bank for a local Woodbridge Virginia homeowner. This has been a dream transaction so far. Read more

Why?

Because the Wachovia Bank employee's are empowered to answer questions, solve problems and they even check up weekly to see what the Realtor needs to get the short sale closed on time!

This week the bank representative called and offered the seller $2500 more at the settlement table if they can close beforeJune 29th, 2010.  So the distressed homeowner will receive a total of $5000 at the settlement table. I don't I need to tell you that everyone, the title company, the Realtors, the Loan Officer, the Buyer and Seller are working together to make that happen by June 29th.

Do you need help?

If you have a home in the Woodbridge, Lake Ridge, Dumfries, Triangle, or Manassas Area's that you need to sell we can help you.  Erick and Company has been helping homeowner for almost two decades here in Eastern Prince William County Virginia.

Don't hesitate to call me at 703-851-3085 or just simply click here to email me your questions.

Do you need help selling your home? Call me 703-851-3085 or contact me by email

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's

Back in December I listed a home to that needed to be sold by Short Sale in  Winding Creek at Fair Market Value for $275,000. It didn't take long even with the Christmas Holidays, I was able to present the homeowners with two above list price contracts to consider.T

"The offers I presented the sellers were very good. Both were over list price."

• Offer #1. FHA- $285,000, three percent closing costs help for buyer and closing Feb 26th, 2010
• Offer #2  VA - $280,000, three percent closing costs help for buyer and closing 30 days from Short Sale  Approval.

The seller choose the contract #1 the $285,000 offer. To take that one step further, I suggested the seller accept ( ratify the contract) the other contract a the official back up buyer. That contract was ratified at $280,000.

Fast forward to March 2nd. the homeowners bank returned a counter offer of $330,000! Yes, you read that right, the negotiator stated that the investor considered the contract in review as to low and stated they were not willing to accept the short sale offer unless the sales price was raised from $285,000 to $330,000!

That is a $45,000 jump in sales price!

I tried everything, revisited the comparables I originally sent to the bank with the short sale request and did a new comparative market analysis. My findings were the same. $285,000 -$290,000 was about the highest that home could be sold for.

March 4th. After much discussion with lenders, the Buyers Agents and the seller, it was clear, both buyers could not get approved for a $45,000 increase. So both asked to be released from contract.

Fast forward March 6th.Homes goes back on the market and against every bone in my body I raised the list price to what the sellers Bank wanted> The new list price was  $330,000. In the hot spring market with more than a dozen showings no offers were submitted on the home. It sat there. We escalated the file again, and finally" the bank project manager said you will be a test case get me a $315,000 offer and we can make this work." So I updated the MLS System against my better judgment See listing here.

We dropped the price, and a ready, willing and able  buyer  presented an offer at $315,000, however they needed three percent in closing costs to be able to buy. Bank said it is customary here, to pay closing costs for a VA Buyer..so send it in. Awesome I thought, the seller can avoid foreclosure.

Then WHAM!!!

The sellers bank comes back seven days later with a determination of:

• $335,000 Minimum Acceptable Sales Price
• Or $315,000 with no closing costs.
• Settlement by June 11th, 2010.
• If these terms cannot be met, no short sale will be granted.
• No Exceptions..No Discussion.

Fast forward. All parties jump through hoops and everyone gives a little and we come to terms. The bank issues the Official Short Sale Approval Letter.

Now for all of you who are not familiar with the short sale process waiting for the Short Sale Approval is just that waiting. The seller and buyers must wait for what is called "third party approval" Once that is granted, they the buyer and seller have 30-35  days to remove the normal contingencies and move toward closing. 

• Home Owners Association Document Review -Done
• Buyers Home Inspection- Done
• Termite Inspection- Done
• VA Appraisal-- The left shoe dropped!!!!

Today, we just got word the  VA Appraiser determined that FAIR MARKET VALUE FOR THIS HOME WAS $290,000!

                                       This short sale will get approved and we will get to closing. However what makes me  totally crazy is this homeowner could have been to the settlement table months ago. We had two buyers who could have raised thier offer by $5000 to get to closing.

Just another day in the world of short sales. Stay tuned for the resolve on th is one....

We have great news for one of our local Woodbridge Virginia homeowners who entrusted Erick and Company to sell their home by Short Sale. We received Short Sale Approval from Midfirst Mortgage this week!

Back in September, a Lake Ridge Virginia homeowner called, they were in distress, they had transfer orders to Illinois. The unfortuate part was they could not sell the home for what they owed on the mortgae and fair market rental prices in the area were nine hundred dollars shy of their current monthly mortgage payment.

The best we could do is offer to assist them with a Short Sale. Selling your home by short sale is no different than selling your home any other time. It is a sign of the times. It is not your fault that you are in this situation. In the case of this homeowner," this was happening to them, they were not choosing to do this to the mortgage company."

So ask yourself. "Do you have a legitimate hardship?" If you cannot afford to make the mortgage  payments on your home, can't sell it, can't rent it, them it's time we talk.

In the case of this homeowner.  We listed the home the last week in August, and the seller accepted a contract in the first week of September 2009, we submitted a full short sale package to Midfirst Mortgage and nintey six days later we finally have a Short Sale Approval letter in hand! 

            11289 Edgemoor Ct, Lake Ridge Virginia 22192 

         SHORT SALE IS APPROVED FOR $180,000!

                                To Learn More about this home and the area Read More Here  

Homeowners Do You Need Help?:"If you are worried about what to do and you are searching for answers on how to sell your home by short sale email me  I can help you and if I can't I will tell you right from the start." The very last option is foreclosure.The sooner you call and the sooner the stress will begin to melt away. Many of my clients say, they don't know what took them so long.

Steps for  getting your home sold fast in 2010?

• Determine your time-frame
• Call Peggy to discuss options
• I will design a Exit Plan that works for you.
• Sign Listing Paperwork
• Relax, Stop Worrying and Start Packing...

Call me for all your real estate needs and questions, I can be reach me directly at  703-851-3085    

   or contact me by email    

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office).If you are a homeowner who has a home to sell, we have  buyers ready and waiting for nice homes to come on the market. Give us a call and we can "GET YOUR HOME SOLD FAST" to list your property for sale we service  Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Manassas Park, Haymarket,Montclair, Dumfries, Occoquan, Dale City, Gainesville, Aquia Harbor, Garrisonville and Triangle area's . 
                                
                      

Back on May 31st 2009, I was contacted by a  homeowner who needed to sell their home. Turns out we would need to sell it short.

That's when I decided to write the Reality Blog Series About The Short Sale with Two Loans.

Today is a good day! Both banks the 1st trust and the 2nd trust have agreed to release the seller from their obligation to pay the balance due. A Two Loan Short Sale Approved In 72 Days

I have received both Short Sale Approval Letters. One from Suntrust Bank and the other from Chevy Chase Bank( now Capitol One) and both agreed magically on the same day.

Today is a good day.

• I can call the sellers to tell them, the have been approved to sell by short sale.
• I will be alerting RGS Settlements in Lake Ridge Virginia to move forward with title work and we will soon be closing the books on this one.
• I will also be calling the Buyers Agent so he will be able to call the buyers who have patiently waited for both banks to approval the sellers for a short sale.

If you are worried about what to do and you are searching for answers email me

let me know what you need.

Have a super day!

                                                                 Peggy James direct # 703-851-3085   

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

Well this home has been Under Contract pending Short Sale Approval since June 7th 2009.  2191 Mackenzie Place in Woodbridge Virginia has two loans on it. I am taking you the reader step by step so you can see how long the short sale process takes, what is involved and why you will need help getting your home SOLD BY SHORT SALE.

If you're just tuning in, you may want to read previous posts in this Reality Blog Series about a Two Loan Short Sale and what we as Realtors, Loan Officers, Distress Homeowners and Homebuyers go through.

So let me update you. Over the holiday weekend I received a very unexpected email on Sunday evening from the Suntrust VP  he stated he was in receipt of the short sale packet  and he was forwarding it to a Loss Specialist. . Yeah! I was shocked he was working on Sunday after the 4th. That ought to tell you how slammed these banks are with short sale requests.

 So, I'm encouraged we are finally making some progress.

Well.....not so fast!

Today I get an email from the homeowners. I got this email this morning from the Loss Specialist...I thought you sent the package weeks ago?

Sent:

Thursday, July 9, 2009 9:13:09 AM GMT -05:00 US/Canada Eastern
Subject: RE: Acct# xxxxxxxxxxxx-Homeowners Name

Please submit purchase contract and listing agreement.

Urrgh!!!! Within the hour I send the entire Short Sale packet for the third time. However I express my frustration because I submitted to entire short sale packet, contract,comps, hud-1,financials everything by fax back on June 7th and I had confirmation it arrived. Plus the VP of Operations confirmed he had forwarded the entire package to a specialist. You all just keep dumping the same email on me! I've sent it already!!!

This is the response I recieved shortly after sending the package." I want you the reader to see and feel the stress level that Short Sale Specialist at the Banks are feeling."

Nothing about the Short Sale Process is easy...

 Sent: Thu Jul 9 12:47 , 'xxxxxxxxx' sent:


 Subject: Fwd: RE: Loan# xxxxxxxxxx- Homeonwer's Short Sale Packet-4th attempt

I know it's fairly hard to understand but to you it's one file at this time on my desk I have 75 active short sales!!!! (normally no more than 20 active at one time) and tho I would love to think I am perfect I am not and I will misplace something or began working one file someone will ask me about another and I may slip a sheet in the wrong file. It Happens...............

 As far as Steve department, I have no clue. But the day the file was sent to me was from your email. So anything previous to your email I have no knowledge of and FYI I have 4 Patillio's 3 Jackson's, 7 Jones ect...... so I apologize for re-requesting information. I just want to make sure that I have everything in this file. I may very well review another account tomorrow and realize Dawn Patillios listing agreement is in the file with S. Patillo.. 

Not to say I am incompetent but I do make mistakes so please bear with me on this.

 United Guaranty Insurance (UGI) Specialist Asset Disposition.

Everyone is caught in the Short Sale Process...everything is so LOG JAMMED ! That's why it is so important for everyone to remain patient and to understand what the Loss Specialists are going through. They do not have easy jobs. You can here the frustration in her email. Kindness,persistance and total organization on the part of the REALTOR who is listing your home and helping you through the short process is the key to a successful Short Sale Approval. 

 Stay tuned....as we continue toward a Successful Result!

Please if you need help and are falling behind on payments don't go it alone. Hire an experienced Short Sale Realtor to help you.

Do you have questions? Just ask...comment below.

Today was a good day.

When checking with Chevy Chase Bank the first trust holder , for the purpose of this series called the Story Of A Short Sale With Two Loans. The call center person was able to confirm that:

1. The short sale package has made it through the initial audit and all was fine
2. The appraisal was ordered and has been completed however they are waiting for results
3. Once the appraisal is updated in the system the package will then be sent to corporate for review
4. The Bank Representative couldn't have been nicer. She gave me the name of the Loss Specialist along with direct line and email address.

I have hopeful for the owners of this investment property.  That their request for a short sale will be approved. However, since this is a two loan short sale, there is another trust involved. Unfortunatley the second trust holder has not been as forth coming on the process.

Monday is another work day in the world of banking. I'll call back. It's time to give an  status update to the seller and the Bueyrs Agent before the weekend.

Homeowners: if you think you need to sell your home by short sale, please don't hesitate to call. Erick and Company has systems and staff to get help you deal with your bank.          

             Have Questions?

          Call Peggy James today at 703-851-3085 

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

Quick Update- We are week two of our Reality Blog Series of What It Takes To Sell A Short Sale With Two Loans.

Last week all paperwork, authorization forms and contract was sent to both lenders. The latest update is the 1st Trust Lender has confirmed they have paperwork and the authorization however the Loss Specialist is not assigned yet. Call back next week for updated information.

The second trust lender call center informs me they still do not have authorization form uploaded into the system, can you please send again. This is the third time I have faxed to the number given. I do not take that lying down. I express my frustration for the borrower who is in distress and state could you please give me the direct number for the person in charge of short sale decisions. Success, she gives me the phone number and email address. The bad news " the contact persons voice mail says if you need immediate assistance call the covering extension, you call that extension says if you need immediate attention call the covering extension which is the main point of contact! I've left a message and I've sent an email.

This is the part of the SHORT SALE process that makes no sense to me what so ever. The banks have NO Systems in place to confirm a package has been received. This simple step could help set the mood for dealing with the bank and alert the agent on how that particular bank works. A simple form letter that gives instructions,average timelines and a point of contact? Come on people....there are people counting on you to get this right! 

We're early in the two loan short sale approval process....

"If you would like to read more about the process of a two loan short sale, please refer to recent articles I've written on the subject."

A Reality Blog Series About A Short Sale With Two Loans....Woodbridge Virginia

Reality Blog Series- How To Sell A Home By Short Sale With Two Loans In Woodbridge Virginia

Reality Blog Series- Short Sale With Two Loans- "The First Few Days!" Woodbridge VA

Reality Blog Series- Short Sale With Two Loans- "We Have Several Offers!" Woodbridge VA

Reality Blog Series- Short Sale With Two Loans- "Papers, Papers, Papers Everywhere!" Woodbridge VA

An Acurate Video That Shows The Frustrations Of Dealing With Banks!

Stay tuned for updates.......

                  Do you need to sell? Unsure if you can? Just call me or fill out the form below, let's explore all the options available to you. You may be able to Rent your home, Sell Your Home By Short Sale or it may be prudent to attempt a Loan Modification. We can help you figure all that out.

If your a homebuyer and your looking for a home to buy right now, check out all the "Regular Owner" Sales in Prince William County. Right now there are hundreds available. These are homes that are not being sold by short sale or banks. Read More then call our office.

Erick Blackwelder or I will help you find a wonderful place to call home.It's what we do...we're family Realtors helping people in Prince William County.

If you need help selling your home pick up the phone.

703-590-2252

         or contact me by email 

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

              Follow Along As We Help Seller  Navigate Through The Short Sale Process    

Last Friday I got a  call from a homeowner who needed to sell their home. Actually it was an investment they have had rented for several years. The owners had tried to rent the home, however they did not have any luck over the past six weeks. They were scared and thought to themselves "How are we going to make ends meet?" You see the house had gone vacant and the mortgage was due.

That's when I stepped in.The news was not good. The home was located off the Rt 1 corridor in Woodbridge VA and the values of like homes that have recently sold were hundreds of thousands less than what they currently owed on the house.

Sound Familiar....

Follow with me on how Erick and Company helps this homeowner negotiate and deal with all the stresses related to a short sale.

If you  can't make ends meet and you need to sell

Call Peggy James today at 703-851-3085

or contact me by email 

Contact Peggy James or Erick Blackwelder  of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's 

Everyone was overjoyed at Settlement

1948 Rainbow Ct, Lake Ridge VA 22192

Went to settlement for $135,000

This home was listed by Erick and Company and the buyer was represented by Anne Thai of Westgate Mortgage out of Falls Church.The sellers of this home had a Saxon Mortgage loan, so if your mortgage is with Saxon Mortgage and you need help, call me. I have a good contact there.  All short sales are loaded with land minds that can go off at anytime. Everyone needs to remain patient, persistence and above all professional at all times to get these sales through.  Even with a fully ratified contract between seller and buyer the bank refused to allow more that two percent closing costs for the buyer and made several other conditions to the settlement.Regardless it settled.

The sellers of this home, can now move on. We helped them avoid foreclosure,and Anne  helped a young couple from Woodbridge buy their  first time home. Short Sales do close, however it takes the patience and focus to keep everyone moving forward. If you are falling behind on payments, don't wait till it too late.

Call me, I will help you get your home sold by Short Sale here in Lake Ridge, Virginia. Let's talk.

                                      Call Me Today  703-851-3085

Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's