Fairfax Short Sale – Wells Fargo Approves Short Sale in Oxford House Community! We listed this condo as a short sale towards the end of January and we’re now headed to closing. Wells Fargo has agreed to allow the short sale and also waive rights to the deficiency (unpaid balance of the mortgage owed by the seller). Condos are always a bit tougher because of the fees and closing documents involved. We’ve closed over 80 condo short sales in Fairfax County alone. If you’ve been having trouble renting your condo out as an investment property for the mortgage amount needed, call me ASAP at 703-400-6757 or email me at jennifer@jyhteam.com. Even if you currently have a tenant, I can walk you through the process so you can prepare. You can also reach us by visiting my website specific to short sales at http://www.homerescuevirginia.com/contactus.php
Here is the approval letter for this sale for your research purposes: Wells Fargo Fairfax Short Sale Approval

Is a Short Sale right for me?

Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship that makes it likely you will be unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure.
As you consider the option of pursuing a Short Sale, remember your lender is looking to limit any potential loss on your loan. By completing a Short Sale, your lender has arrived at a solution that is, for them, much better than a foreclosure. Bottom line, your lender wants to work with you.