This single-family property is available as a short sale at Lord Fairfax Hwy. It has 2 bedrooms, 1 bathrooms, and 704 square feet of living space. Based on our analysis of the current market conditions in Berryville for Lord Fairfax Hwy and comparable listings, the estimated market value is $264,994. The property located at single-family has potential equity of $124,900. If purchased for rental purposes, the monthly rental rate could range between $1,251 and $1,530. For those interested in resale, the estimated profit from selling is $124,900. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Lord Fairfax Hwy are updated daily along with others in Berryville, Virginia.
The property located at Lord Fairfax Hwy in Berryville, VA is listed as a Short SaleShort sale properties like Lord Fairfax Hwy in Berryville, Virginia represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value. Existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons.
Short sales often present opportunities for real estate investors to purchase property at below market prices. A short sale occurs when the mortgage lender on a property agrees to give a release for less than the amount owed on the loan. This usually occurs when the loan on the property becomes delinquent and is headed toward foreclosure. An alert property owner who knows he is facing foreclosure is well advised to keep an open line of communication with his lender. And the lender is well advised to keep an open mind to the consequences of a loan default and the benefits of agreeing to a short sale. When the lender and property owner can agree on a short sale price, the owner can advertise that the property is a short sale and can list it accordingly. Such listings attract a lot of attention and can expedite the sale of the property.
Here is how to proceed:
Short sales can create opportunities to save big on the purchase of a property. Such agreements are entered into between a purchaser, a property owner, and the lender. Even though by definition a short sale means the lender is accepting less than the amount owed on the mortgage loan, it is not a certainty that the property is being purchased at a below market price. For that reason, you must still perform the same due diligence as you would on any other real estate transaction. The professional services of an appraiser, property inspector, and title agent are advised when structuring a short sale.
The estimated rental value for Lord Fairfax Hwy located in Berryville, VA is $1,390/month. Comparable homes around Lord Fairfax Hwy that are rentals have monthly ranges starting as low as $1,251 per month and as high as $1,530 per month. An owner looking to use this property as an investment could bring a return in the area of $1,251 - $1,530 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.
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