Your First Resonder
In Real Estate
Each Office Independently Owned and Operated
8100 Ashton Ave #103
Manassas,  VA 20109
Lyle Holmes
Stacey Holmes
Licensed in the
Commonwealth of Virgini
Stace Holmes Realtor Fredericksburg
learn about the foreclosure process and how to avoid it
This document was created for Buyer’s Agents/Realtors who have questions regarding our experience in negotiating Short Sales as well as our process for negotiating Short Sales. This document will also tell you how to write and submit an offer with our team.

Our team has 18 years experience in the real estate industry. We began specializing in short sales in 2006. We also specialize in listing and selling Real Estate Owned (REO) properties for lenders.

We have a 98% success rate closing short sales we have handled.

We believe we have a Short Sale process that is unmatched in the industry. From our initial consultation with the Seller all the way through closing, we have a process in place that delivers results and aims to eliminate potential problems.

                Here is our process…
Prior to taking a Seller’s Short Sale Listing, we collect the “Financial Package” from the Seller which entails all of the information their lender has requested. At that time the Seller also agrees to cooperate within our system and agrees to the process you will read below.

The day the home goes in MLS we send the Seller's Authorization Form to the bank. This document permits us to communicate directly with the lender to determine their Short Sale process. We submit required documents to the lender as quickly as possible to begin the Short Sale process.

Short Sales take an average of 60 to 90 days to process - some process more quickly and some take up to 90 days or more. Please have your client(s) be patient through this process. At times you and your client(s) may feel things are moving slowly, but remember this is not a regular transaction and we are doing all we can to move the processing along as quickly as possible.

We market the property and price it at, or slightly below, market value until we get an offer.

We are only looking for ONE contract to send to the bank. We are looking for ONE qualified Buyer with an appropriate offer price who has serious intentions of closing the transaction. If we have this, we will fully execute ONE contract to send to the lender

We do not accept multiple offers and will not submit multiple offers to the lender.

Once an offer is received, we present the offer to the Seller for review. While the Seller's lender is the one that approves the Short Sale, the Seller is still the owner of the home and the decision maker on all offers received. The Seller will fully execute the contract that meets his/her/their criteria.

When a contract is fully executed between Buyer and Seller, the home is changed to the “Contract” status in our MLS.

Once the contract is fully executed, we submit the fully executed contract, a HUD-1, and any other lender required documents to the lender.

The lender then does one or more valuations to determine what the property is worth in the current market. Once their valuations are back, they review the offer and all corresponding documentation, and issue their decision.

Once the lender accepts the terms of the offer, they will notify us. If the lender does not accept the terms of the offer, the Buyer may be given an opportunity to modify their offer.
realator frequently asked questions and answers
How much is owed against the house?
While this question sounds good and is normally asked very innocently, what is owed against a home is irrelevant. The lender is only concerned with two main things:

(1) Market Value of the Property
(2) Amount of the Offer

Lenders do not make their decision on how much they are losing in a particular Short Sale transaction. When a lender takes a home back through foreclosure, they do not turn around and try to sell that property for the amount they were owed, they simply sell it for what its current market value is or a small discount below current market value. The same is true with Short Sales.

How do you know the lender will accept our offer?
We really don’t know with 100% certainty that the lender will accept your offer. What we do know, is that lenders are typically willing to accept an offer that is at or very near current market value. We price all of our listings appropriately so if your offer is at or very near market value, we feel confident that if it is possible to get the Short Sale approved, we’ll get it done.

How long does the Short Sale process take?
The actual negotiation/approval process can take as little as a few weeks or as much as 3+ months. On average most Short Sales take between 60-90 days from the date the offer is presented to the lender to the date of the Short Sale approval. In most cases, 50-100+ phone calls, emails, and faxes back and forth between the lender and our team are required. Once a Short Sale approval has been received from the bank, the Buyer must be prepared to close within 21 days.

Is there a Foreclosure sale date scheduled?
Foreclosure sale date information is public information and can be found by doing a small amount of research online. We get numerous foreclosure sale dates extended or postponed every month so please don’t ever let a sale date scare you away from one of our listings. With a high amount of certainty we can tell you that most lenders will extend/postpone the sale date as long as needed to review a good Short Sale offer

Why do you “only” pay 2.25 - 2.50% commission to the Buyer’s Broker?
Let us begin by saying that we ALWAYS, ALWAYS, ALWAYS pay the commission that we advertise in the MLS. We have never, and will never, pay less than what is advertised.
We pay 2.25 - 2.50% because we’re simply not willing to do all the work involved in getting a short sale approved, and then only earn 2% or less commission.

When will my offer be presented to the Seller?
We present all offers to our Sellers Monday through Friday between the hours of 9 AM - 4 PM. Please be advised that if you submit an offer over the weekend or outside of these weekday hours it will not be presented until the following business morning.
We will contact you within 2-4 business hours upon receipt of your offer to confirm that it has been received. Please allow us a few hours to call you before calling us to ask if we received your offer.

real estate buyer terms explained
The Buyer on a Short Sale Listing must agree to the following terms (see our customized Short Sale Addendum below for actual terms and contract language)…

1) When contract is fully executed, the Buyer must deposit at least $1,000 earnest money with Keller Williams Realty and this earnest money is non-refundable for 90 days (the average amount of time it takes us to get a Short Sale approved).

Our Seller only commits to ONE Buyer and we expect the same commitment level from the Buyer.

2) Property is sold “As-is.” Home Inspection is to be done after ratification of contract. This lessens our time off the market if there is anything that will not clear the financing conditions.

3) Buyer must pay for a home warranty if they want one - the Seller and the Seller’s lender will not pay for this.

a. Buyer shall close 21 days from notification by the lender that the offer has been accepted.

b. We understand that many mortgage brokers cannot close a loan in the current mortgage market in 21 days. Please notify us up front if this is an issue for your Buyer as we have several recommendations we can make to meet this deadline.

4) Seller’s lender shall pay to bring Home Owners Association (HOA) fees current plus any liens, if applicable. The Buyer will pay for the HOA Transfer Fee.

The terms of the Earnest Money are to be entered on a separate addendum.
Buyer agrees to deposit $1,000.00 Earnest Money Deposit with Keller Williams Realty upon ratification of the contract. I understand that the earnest money is non-refundable for 90 days. If the Home Inspection report shows issues that will be declined by financing a letter from our lender will be supplied stating the issues.
buying and selling real estate in Stafford County VA
The Piedmont Team offers Real Estate services in the following areas:
Culpeper, Fauquier, Fairfax, Fredericksburg, Manassas, Orange,
Prince William, Rappahannock, Spotsylvania and Stafford.
Home Search Homes Short Sales Buyers Sellers About Us Reviews My Blog Alternatives to Foreclosure FAQ Short Sale Short Sale Agent Questions Short Sale Tax Ramifications Short Sale Credit Consequences 8 Steps to buying a home How much house can you afford Home wish list Location New Home Construction How can a realtor help me? Questions to ask your realator Mortgage Calculator Tell us about your Dream Home 8 Steps to selling your home How much is your home worth 10 questions to ask your realtor Price your home to sell Seller etiquette Understanding the buyer Home appeal Let Piedmont Team sell your home Site Map

Frequently Asked Questions for Realtors:

Terms the Buyer Must Agree To:

Agent Questions: