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Prince William County, Virginia Real Estate: A Little Known Secret About Short Sales That Makes All the Difference

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When you’re doing a short sale there is a danger that often lurks in the background that you don’t even know about.

Sometimes there’s gonna be an investor in the background that you don’t even know about. 

For example: 

A loan with Bank of America. 

Purchased a house 7 years ago.

Balance - $500,000

Property worth - $400,000

Probably around 7 years ago, shortly after you purchased the home. Bank of America very likely sold the secondary mortgage market. So, they might have sold that to an investor. 

Now, when the investor owns the loan. You might still be paying your cheques to Bank of America and so they’ve become the “servicer”. The reason that Bank of America is doing it is that they can actually make money servicing a loan without having to continue the risk if something happens and you don’t pay your mortgage and then they have a non-performing asset. 

Oftentimes, when you’re negotiating a short sale, you may think that you are actually negotiating with the bank alone, which is true. Yet, there’s an investor behind the scene that you’re not aware of. 

Sometimes the bank can make a decision on behalf of the third party investor, and sometimes they can't.

These are challenges that you may not know when doing a short sale. 

If you are in Virginia, Maryland, DC, or anywhere in the country and if you have any considering a short sale, when you’re behind on your payment,, and might be in a situation when you’re upside down on your mortgage. I'm happy to help you out. Send me an email at Dan@greetingsvirginia.com or call me at 703-346-2776 and I’ll be glad to answer specific questions for you.

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Have a question about buying, selling or investing?

We have answers! Team Leader/Broker Dan Rochon provides insights on the local market and answers YOUR questions about all things real estate.

Dan Rochon

Dan Rochon is an Associate Broker in VA, Broker in MD; Owner of Rochon Investments, LLC; Owner and Co-founder of www.GreetingsVirginia.com and Owner of other Joint Ventures as well as a real estate principles instructor at Moseley Real Estate Schools.

As a real estate sales agent, Dan and his team are consistently top producers in their marketplace and provide solutions for their clients. Through their investing company, Dan and Traci Rochon have been investing in residential and commercial real estate ventures for more than the past decade.

Dan and his wife Traci are frequent speakers and are often quoted in media stories about the current real estate market. The Rochon's have been featured on The Nightly News with Brian Williams, The Today Show, CNBC, The Washington Post, The Washington Examiner, WTOP News, Voted as The Best of DC Real Estate Agent in the Washington City Paper Readers Poll, and more...

Greetings Virginia is a full-service real estate sales company with eXp Realty that helps clients in Northern Virginia, Maryland, and Washington D.C. metro region buy and sell properties in all price ranges.

We have successfully completed hundreds of buying and selling transactions for our clients. We succeed where others may not— through knowledge and perseverance.

1320 Central Park Blvd Suite 200 Fredericksburg, VA 22401

703.763.2656

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