We get lots of requests for Foreclosure and Short Sale properties. These type properties offer both significant opportunities as well as significant challenges for buyers. Short Sales and Foreclosures both represent properties that are selling for less than the amount owed on the remaining loan. If you aren't familiar with the difference:

• Short Sale is a home where the homeowner is behind on mortgage payments, but the bank has not yet Foreclosed....with this type purchase, while the home is being purchased from the owner, the bank must still approve the sale amount because the sale amount will typically be less than the remaining principle on the loan, and they must approve the loss they will be incurring. A major obstacle in purchasing a Short Sale home is that the banks are not quick to respond, and you can routinely expect to wait weeks, if not months for a response to your offer.  Once the offer is accepted, however, the process is generally very quick and settlement can occur quickly.
• Foreclosure is a home that is now owned by the Lender, who has exercised their rights under the Mortgage Note and assumed ownership of the property through the court system. In purchasing a Foreclosed property, the Lender's response time is generally much quicker than with a Short Sale, so if time is of the essence, purchasers should steer toward Foreclosures vs. Short Sales.

Keep in mind, also, with both Short Sales and Foreclosures, homes are being purchased "as is"; before you get scared off, though, purchasers may still perform home inspections, and have the opportunity to cancel the contract if significant material findings are uncovered, but Lenders are typically not going to fix any issues.

If you are interested in Foreclosures or Short Sales, we've developed a couple quick links for you to see what is available in our area. Click the following links to see what's available, and if you see a home that interests you, please contact us immediately because these homes are going fast!

Ashburn Foreclosures
Ashburn Short Sales
Leesburg Foreclosures
Leesburg Short Sales

Want an automated search for another area?  Give me a call!

Kent Tunell
Principal Broker
Tunell Realty

571-276-6198
kent@TunellRealty.com