Northern Virginia Short Sale Quiz: Question #4

By
Real Estate Broker with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

Northern Virginia Short Sale Quiz:  Question #4

Northern Virginia Short Sales are a topic on which there is a TON of misinformation.  We've already had question #1, question #2 and question #3.  In question #4, we are going to address a really critical point.

Sellers of a Northern Virginia Short Sale with two loans (a 1st trust and a 2nd trust) have just received an offer on their property.  The Buyer would like 3% of the sales price in closing cost help. 

Who is paying for the closing cost help to the Buyers?

A)  The 1st Trust

B) The 2nd Trust

C) The Sellers

D)  The Real Estate Agents

Check back tomorrow for the answer.

Click here for Northern Virginia Short Sale Quiz:  Question #5

Posted by

Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155.  To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.  Or you can visit her website:  www.nvarealestate.net.

Header photos taken by Chris Ann Cleland.

The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.

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Topic:
Real Estate General Information
Location:
Virginia Prince William County
Groups:
Bartender, Make it a Double
Blogs Happen...
Short Sale REALTORS®
Short Sales Specialists
Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)
Tags:
gainesville va short sale agent
bristow va short sale agent
northern virginia short sale agent

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Ambassador
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Elizabeth:  Well that might more sense than the bank now, wouldn't it?

February 28, 2012 04:08 PM
Rainmaker
284,877
Marilyn Harrell
Wixom Lake - Beaverton MI
ReMax Riverhaven

Great job explaining this one!

March 04, 2012 11:43 AM
Ambassador
1,803,726
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Marilyn:  It's not a hard concept.  The money all comes in to the Seller and is paid out by them.  The HUD-1 works no differently in a Short Sale than in a regular sale.

March 05, 2012 10:22 AM
Rainmaker
75,418
Pamela Stangler
Florida Keys
Coldwell Banker Schmitt

Woohoo!  That one caught me, and it seems a lot of others.  Glad I wasn't in the boat alone!

March 09, 2012 11:37 AM
Ambassador
1,803,726
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Pam:  This one is easy to remember if you just look at who the Seller is on the HUD.  It's never the bank in a Short Sale.  So for purposes of the sale, the money comes into the Seller and they pay it out.

March 10, 2012 06:42 AM
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Chris Ann Cleland

Associate Broker, Northern VA
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