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:
- 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.
- 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.
- 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.
- 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.
Sign Up For Alexandria VA Short Sale Listing Alerts
Information for Purchasers Concerning Short Sales