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Tamara Inzunza - (703) 623-8759
Tamara Inzunza Northern Virginia Short Sale Realtor
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Recently Closed Short Sale
Lorton Valley
Lorton, VA
* - Investment property
* - Two mortgages
* - Current on mortgage payments
* - No cash due or promissory note

Alexandria VA Townhouse Short Sale

Recently Closed Short Sale
Alexandria, VA
* - HOA liens paid by lender
* - Two mortgages
* - No cash due at closing
* - No promissory note
* - closing costs paid to buyer

"I now realize that I may not have gotten through the transition so smoothly if it had not been for her expertise in an area most Realtors do not care to touch! Tamara has a heart for her clients and it is evident in the dedication she exhibits. I would highly recommend her to anyone searching for a home or trying to get rid of one." - E. Dawson

"Her attention to every detail and willingness to go beyond her area of responsibility was a huge factor in getting my place sold in a timely manner. Selling my home was very stressful and Tamara made the process as easy for me." - J. Bain

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Thursday, January 10 2013

A Good Short Sale Approval Letter

One of the biggest advantages of doing a short sale is you get the opportunity to be fully released from the liability of the mortgage and the difference, or the "short amount".  When you face foreclosure, there is still a chance that your mortgage company (or companies) will pursue the balance, so it's possible that you could receive a letter in the mail long after you're gone, saying that you owe thousands of dollars to the bank.

We have just received a short sale approval letter from BB&T for one of our homeowners.  Please take a look at the letter below:


BBandT Approval Letter by


In this scenario, the homeowner has written acceptance from the lender that the short sale is approved, that they are being released from the liability of the difference, and that the loan will be reported as "settled" on the credit report.

When you list your home as a short sale, you still have the option of saying no.  If you do not agree with the terms of the short sale, then you can cancel the purchase contract (under the terms of the Short Sale Contingency), and cancel the listing agreement without any fees.


Posted by: Tamara Inzunza AT 10:48 am   |  Permalink   |  0 Comments  |  Email
Tuesday, January 08 2013

Buying Alexandria VA Short Sales - What To Include In Your Offer

Alexandria VA Short Sales - Whether it's a buyers market or a sellers market, most buyers start their home search looking for distressed properties for sale in hopes of buying a home below market value. But don't be fooled by the fact that the a short sale seller needs to sell their home to avoid facing foreclosure. Like a traditional sale, you have to have all of your ducks in a row, or your offer won't even make it to the bank for consideration. Here's what you need to include in your short sale offer:

  1. Your pre-approval letter. I've had buyers tell me that they will get financing after the bank approves the short sale. Nope. This is a case where the offer won't likely get to the bank because the seller may not even sign it. The seller is looking for a well qualified buyer to make a case to the bank that the offer will successfully close. When you include a mortgage approval letter with your offer, you show that you have made the commitment to speak with a lender, and that your income, assets, employment, and cash reserves have been confirmed.
  2. A Short Sale Contingency. This is something that buyer agents miss when it comes to submitting an offer on a short sale. The offer is 'subject to' approval from the bank, so the contingency needs to be in place to outline the time for the contingency and what happens once the contingency is satisfied.
  3. Your proof of funds. It used to be that a copy of the earnest money deposit check would be sufficient, but as an experienced Alexandria VA short sale listing agent, I'm noticing that more banks are requesting a copy of the buyer's proof of funds statement. This is simply a bank statement that shows your down payment and closing costs, and the statement must include your name. Your account numbers can be hidden to protect your privacy, but the bank will want to know that once the short sale approval has been granted that you have the means to close quickly.
  4. Any other contingencies that you would like to have included. While all short sales are sold in as-is condition, your purchase offer can still be contingent upon a satisfactory home inspection and appraisal.

Alexandria VA short sales will be around for a while, especially now that banks have confirmed that they prefer short sales over foreclosure.  If you will be including these homes in your search, make sure you are prepared, so that you can increase your chances of your offer being accepted.

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 Information for Purchasers Concerning Short Sales

Posted by: Tamara Inzunza AT 09:09 am   |  Permalink   |  0 Comments  |  Email
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Tamara Inzunza, Associate Broker

RE/MAX Executives 
Certified Distressed Property Expert (CDPE),
Certified Residential Specialist (CRS)

2104 Mount Vernon Avenue
Alexandria, VA 22301
(703) 623-8759


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