Is The Real Estate Market Really What You Think?

Prince William County Virginia: Statistically, our County seems to be chock full of available houses...a veritable glutt of properties are on the market. But...are they really on the market? When a house is on the market, for sale, the implication is that if a purchaser chooses that property, and makes an offer to purchase the property, in writing, at the list price, the property will go under contract.

This is simply not the case with many of the properties in Prince William County. The vast majority of properties that are listed in MLS are "Short Sales". Now, you may well know what a short sale is. If so, you've no need to read further. If not...A short sale is a property that is in limbo. The property "owner" can no longer make the monthly payments, but the lack of equity in the house makes it impossible for the "owner" to sell, without paying their lender some amount of money, between what they owe and the amount the property is currently worth. Unfortunately, they typically do not posess this difference between current loan amount and value. Therefore, they are SHORT of the full amount they owe.

This situation is usually a nightmare for the property owner, and for the potential purchaser as well. If you are interested in buying or selling property in Prince William County Virginia, this is a market in which you absolutely must have an expert to represent you. If you have any questions about our market or anything in regards to Real Estate or Equity building, we would love to hear from you! Give us a call at 703.791.3884 or email Peggy@BassetteHomes.com