info@storyhousere.com   |   (434) 260-1435
2110 Ivy Road   |   Charlottesville, VA 22903
facebook instagram
Story House Real Estate Story House Real Estate
Navigation
  • ABOUT US
    • Who We Are
    • Mission Statement
    • Our Philanthropy
    • Our Success Stories
      • Client Profiles
      • Client Testimonials
      • Press & Recognition
      • Our Sold Homes
    • Join Our Team
  • SELL A HOME
    • Find Your Home Worth
    • How We Sell
    • Seller Profile
    • Home Sale Calculator
  • BUY A HOME
    • Our 10 Step Process
      • Consult Your REALTORยฎ
      • Arrange Your Financing
      • Find Your Home
      • Prepare a Purchase Offer
      • Contract for Your Home
      • Conduct Inspections
      • Finalize Your Financing
      • Prepare for Settlement
    • Buyer Profile
    • Our Listings
    • Search All Active Listings
      • Search by County
      • Charlottesville Area Neighborhoods
    • Affordability Calculator
  • LET’S CONNECT

Short Sale Thoughts

So about 4 months ago I was asked to represent a client here in Charlottesville on a short sale of a condominium unit that he had purchased about 3 years ago. Ever since then, we’ve learned a LOT of things about short sales and I’ve even been the source of short sale education/updates to other Realtors, attorneys, and potential sellers here in town. Here are some of the things we’ve learned;

1. As Bill Tucker at Tucker, Griffin and Barnes, puts it so well, “There are NO Rules.” There is no predicting what will happen in a short sale; how long the bank might take to respond, if the bank will counter-offer or reject the offer that Seller and Purchaser have long been in agreement on, or if the bank will even acknowledge the receipt of your documents that you’ve been sending.

2. Sellers must be patient, consistent, and very motivated to achieve the short sale or the home WILL go into foreclosure. The success we’ve had with the short sale I’m currently working on is due in large part to the daily calls made by both myself and my seller to the lender, to assure that all documentation is complete and has been received and making sure we are always on track and progressing forward.

3. Sometimes, the bank WILL move quickly. I was told from day 1 that my Seller need not submit his full set of paperwork on the short sale until after we received an offer, because I was told the bank would completely ignore it. While this may be true, my seller proceeded to submit the paperwork 3 different times prior to receiving an offer, and until he was given notification that the bank had, in fact, gotten it. While the bank probably didn’t as much as give it a second glance, it was all completely ready the second we got an offer, which resulted in having someone assigned to our file THE DAY we had an offer come in, and the appraisal and BPO both being ordered within 2 calendar days of receiving the offer as well. In horror stories that I’ve heard about this, this process of assigning someone to the file and ordering the appraisal and BPO has sometimes taken 4-6 WEEKS. I highly recommend that Sellers acquire this packet of documents early on, complete it IN FULL, and continue to send it to the bank until they receive it.

4. The bank MAY counter-offer. In this case, the bank chose to counter-offer with an offer just $700 away from what the agreed-upon offer had already been. It seemed like splitting hairs to us, but the Purchasers in the transaction agreed to the new price quickly and we were back to square one- not all Purchasers will understand this, and not all will be willing to continue to negotiate.


Posted on October 9, 2012 Leave a Comment

Tags: Charlottesville 365foreclosurereal estate 101sellingShort saleshort sale thoughts

Leave Your thought on this post Cancel reply

You must be logged in to post a comment.

Categories

  • Achievements & Recognition
  • Affordability & Financing
  • Blog
  • Buying
  • Charlottesville Area
  • Charlottesville News
  • Charlottesville Real Estate
  • Choosing a Realtor
  • City of Charlottesville
  • Client Profiles
  • Client Testimonials
  • Community
  • First Time Homebuyer
  • Historic Charlottesville
  • Home Repair & Maintenance
  • Landscaping & Exterior
  • Lifestyle
  • Market Reports
  • National Real Estate
  • New Construction
  • Our Favorite Things
  • Real Estate 101
  • Real Estate News and Info
  • Selling
  • Short Sale & Foreclosure 101
  • Sold Homes
  • Staging to Sell
  • Uncategorized

Contact Us

    Subscribe to Newsletter
    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    View Instagram post by storyhousere

    Jun 19

    0 0
    Open post by storyhousere with ID 18082297618834584
    OUR FEATURED LISTING THIS WEEK!

Still Available โ€” But Not for Long! ๐Ÿกโœจ

Ready to fall in love? These featured properties offer a little something for everyoneโ€”wooded privacy, neighborhood charm, and low-maintenance living in prime locations. Whether you're upsizing, downsizing, or just daydreaming, one of these might be the one.

Take a peek, pick your favorite, and let's get you home!

FEATURED LISTING | ๐Ÿ  820 Swede St Charlottesville VA 22901 | MLS #665347 | $500,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2.5 bath | ๐ŸŽ‰ 

FEATURED LISTING | ๐Ÿ  83 Mossy Creek Court Zion Crossroads VA 22942 | MLS#665020 | $700,000 | ๐Ÿ›๏ธ 4 bed ๐Ÿ› 3 bath | ๐ŸŽ‰ OPEN HOUSE Sunday, June 15th from 1 PM - 3 PM!

FEATURED LISTING | ๐Ÿ  1261 Old Trail Drive Crozet VA 22932 | MLS#665019 | $579,900 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 3.5 bath | ๐ŸŽ‰ 

FEATURED LISTING | ๐Ÿ  4760 Bluejay Way Charlottesville VA 22911 | MLS#665043 | $375,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 3.5 bath | ๐ŸŽ‰ OPEN HOUSE Saturday, June 14th from 12 PM - 2 PM!

FEATURED LISTING | ๐Ÿ  1184 Partridge Lane Charlottesville VA 22901 | MLS#664253 | $385,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 3 bath | ๐ŸŽ‰ 

FEATURED LISTING | ๐Ÿ  127 Kathys Lane Troy VA 22974 | MLS#664146 | $500,000 | ๐Ÿ›๏ธ 4 bed ๐Ÿ› 2.5 bath | ๐ŸŽ‰ 

FEATURED LISTING | ๐Ÿ  4286 Sunset Drive Charlottesville VA 22911 | MLS#664112 | $500,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2.5 bath | ๐ŸŽ‰ 

NEW PRICE | FEATURED LISTING | ๐Ÿ  6183 Spring Hill Rd Ruckersville VA 22968 | MLS #663532 | $315,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2.5 bath | ๐ŸŽ‰

FEATURED LISTING | ๐Ÿ  5077 W Hoover Road, Reva, Virginia 22735 | MLS#662321 | $775,000 | ๐Ÿ›๏ธ 4bed ๐Ÿ› 4 full/ 2 half bath | ๐ŸŽ‰ 

๐Ÿ“ฉ Email showings@storyhouseRE.com with questions!

 #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
    View Instagram post by storyhousere

    Jun 19

    1 0
    Open post by storyhousere with ID 18085972048679141
    โœจ Just Listed โœจ

Three incredible homes, each with their own unique charm, all hitting the market this week! Whether youโ€™re looking for privacy in the woods, charm in a favorite neighborhood, or convenience close to it all, weโ€™ve got you covered.

JUST LISTED | ๐Ÿ  4260 Sylvan Lane Charlottesville VA 22911 | MLS #665831 | $475,000 | ๐Ÿ›๏ธ 4 bed ๐Ÿ› 2 full/1 half bath | ๐ŸŽ‰ OPEN HOUSE Saturday, June 21st from 11 AM - 1 PM!

JUST LISTED | ๐Ÿ  295 Homestead Lane Charlottesville VA 22902 | MLS #665835 | $500,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2 full bath | ๐ŸŽ‰ OPEN HOUSE Sunday, June 22nd from 12 PM - 2 PM!

JUST LISTED | ๐Ÿ  1103 Mill Park Drive Ext Charlottesville VA 22901 | MLS #665911 | $350,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2 full/1 Half bath | ๐ŸŽ‰ OPEN HOUSE Saturday, June 21st from 12 PM - 2 PM!

๐Ÿ“ฉ Email showings@storyhouseRE.com with questions!

 #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
    View Instagram post by storyhousere

    Jun 18

    3 0
    Open post by storyhousere with ID 18088867180632515
    COMING SOON | ๐Ÿ  1103 Mill Park Drive Ext Charlottesville VA 22901 | MLS #665911 | $350,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2 full/1 Half bath | ๐ŸŽ‰ OPEN HOUSE Saturday, June 21st from 12 PM - 2 PM!

Welcome to this well-cared-for 3-bedroom, 2.5-bathroom condo ideally located along the convenient Route 29 corridor in the Brookmill community. This home features a highly functional floor plan with a spacious and inviting living area. Enjoy the charm of a cozy den complete with a wood-burning fireplace. The kitchen offers a warm, welcoming feel with plenty of cabinet space and easy access to the main living areas. Step outside toyour private outdoor deck, perfect for morning coffee or an evening meal.

Upstairs, the generous ownerโ€™s suite includes a large closet and a private ensuite bathroom. Two additional bedrooms and a full bath offer flexibility for guests, home office, or hobbies. With its combination of comfort, space, an unbeatable location near shopping, dining, and commuter routes, this Brookmill home wonโ€™t last long!

 ๐Ÿ“ฉ Email showings@storyhouseRE.com with questions!

 #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
    View Instagram post by storyhousere

    Jun 17

    10 0
    Open post by storyhousere with ID 18011068229585226
    COMING SOON | ๐Ÿ  295 Homestead Lane Charlottesville VA 22902 | MLS #665835 | $500,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2 full bath | ๐ŸŽ‰ OPEN HOUSE Sunday, June 22nd from 12 PM - 2 PM!

Tucked away on a quiet cul-de-sac in the highly sought-after Mill Creek South neighborhood, this delightful cottage-style home offerscharm, comfort, and convenience. With 3 bedrooms, 2 full baths, and a spacious bonus room, there's room for everyone to live, work, and relax. Step Onto the welcoming front porch and imagine quiet mornings with coffee or evenings enjoying the peaceful surroundings.

Out back, a large deck overlooks the fully fenced yardโ€”perfect for entertaining, gardening, or just unwinding outdoors. A detached storage shed provides ample space for tools, bikes, outdoor gear. Nature lovers will appreciate the short, scenic walk through the woods and neighborhood green space leading to the community playground. Enjoy easy access to Biscuit Run Park for even more trails and outdoor activities.

Plus, youโ€™re just minutes from 5th Street Station withWegmans, restaurants, shops, and more. Donโ€™t miss your chance to live this Mill Creek South gem!

 ๐Ÿ“ฉ Email showings@storyhouseRE.com with questions!

 #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
    View Instagram post by storyhousere

    Jun 17

    6 0
    Open post by storyhousere with ID 17987250650680999
    COMING SOON | ๐Ÿ  3028 Horizon Road Charlottesville VA 22902 | MLS #665834 | $485,000 | ๐Ÿ›๏ธ 3 bed ๐Ÿ› 2 full/2 half bath | ๐ŸŽ‰ OPEN HOUSE Sunday, June 22nd from 12 PM - 2 PM!

Welcome to this beautiful, like-new 3-bedroom, 2 full bath, 2 half bath townhouse nestled in the vibrant Southwood community. From The inviting covered front porch to the spacious open-concept living and dining area, this home offers comfort, functionality, and style. Enjoy cooking and entertaining in the bright and light filled kitchen, complete with modern finishes and large island. The ownerโ€™s suite is a true retreat, featuring a tray ceiling, generous walk-in closet, and en suite bathroom with a double vanity.

Perfectly located, this home is within walking distance to neighborhood amenities including a soccer field, playground, and scenic walking trails. Just minutes away from 5th Street Station, Wegman's, Walnut Creek Park, Downtown Charlottesville, and quick access to Interstate 64โ€”convenience is at your doorstep.

Additional features include ample off-street parking with a2-car garage and private driveway. Donโ€™t miss the opportunity to own this exceptional home in one of Charlottesvilleโ€™s most convenient and growing neighborhoods!

 ๐Ÿ“ฉ Email showings@storyhouseRE.com with questions!

#Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
    Story House Real Estate logo
    STORY HOUSE REAL ESTATE
    2110 Ivy Road
    Charlottesville, VA 22903
    Phone: (434) 260-1435
    facebook instagram
    LICENSED TO SELL REAL ESTATE IN THE COMMONWEALTH OF VIRGINIA
    REALTOR icon Equal Housing icon
    ยฉ 2025 Story House Real Estate. All Rights Reserved.