Jun 18, 2009

Tip 19-2009: Short Sale (General Observations)

Short Sale (General Observations):

My new rule regarding short sales is that "There are no rules". Each short sale approval is different. In fact the approval process can change daily with the same lender. The only good news is that the short sale lenders seem to be more receptive to reviewing and usually approving the short sale contract within a shorter period of time. (Thirty to sixty days seems most like the norm, but remember there are no rules).

I still believe that every short sale that is approved within the Central Virginia marketplace is important and necessary. Each successful short sale means one less foreclosure (one less empty house) to have a negative impact on real estate values.

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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