Foreclosures & Short Sales

Savvy Bargains

Below are the current listings that are either foreclosures or short sales as listed in the MRIS database. I have sorted the list into geographic areas. Remember, these are dynamic links, therefore it will be noted if the property has gotten a contract or the status changes. These links are good for 30 days.

If you'd like to see any of these properties, just let me know.

Arlington & Alexandria

Alexandria in Fairfax County

Falls Church

Springfield & Burke

McLean, Vienna, & Oakton

Note: This list includes all listings from MRIS subscribers- not just Long & Foster. All information is believed to be accurate, but should not be relied upon without verification.

Foreclosure & Short Sale Listings

Savvy bargains

Below are the current listings that are either foreclosures or short sales as listed in the MRIS database. I have sorted the list into geographic areas, sort of. Please remember these are dynamic links, therefore it will be noted if the property has gotten a contract. These links are good for 30 days. If there is interest, I can certainly do other areas or update this list again mid-January.

If you'd like to see any of these properties, just let me know.

Arlington & Alexandria

Alexandria in Fairfax County

Falls Church

Springfield & Burke

Mclean, Vienna, and Oakton

Note: This list includes all listings from MRIS subscribers- not just Long & Foster. All information is believed to be accurate, but should not be relied upon without verification.

FHASecure to the Rescue?

I have finally come across a client who might really be able to use this new program. I have directed him here for all the details and contact info and will keep you all posted as to the outcome. Eventhough many are upside down in the equity situation, none, that I have met so far, are in danger because their mortgage is about to explode. Meaning their interest rate is about to reset to something they can't handle. They are not happy, but they're not in danger.

I know this is a short post, but it is Christmas eve. I'll also post this link on the right sidebar and will let you know how helpful the FHA and this program are.

Short Sales 101 - Updated 12/28/08

A short sale is a real estate transaction in which the sales proceeds are insufficient to cover the amount still owed the lender. The lender calls this difference a "deficiency".

Often terms get misused - not all foreclosures result in a short sale - and certainly not all short sales are foreclosures.

For all the skinny click below
http://mysite.verizon.net/resykomc/thesavvyrealtor/id1.html

UPDATE: In late December the Senate passed and the president signed into law the Mortgage Forgiveness Debt Relief Act - basically ending the taxation of the amount of debt the mortgagee forgave for three years. For example, if you went into forclosure or had an agreement from the lender for a short sale with a $30,000 deficiency - the Fed saw this $30k as "income" and taxed you on it. See the Post article here.