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Short Sales Frederick, Hagerstown, Martinsburg and the surrounding areas

 

certified distressed property expert frederick

Selling your home in a Short Sale situation

If the value of your home has decreased below your current loan amount and you are unable to cover the cost difference at closing your home sale would be considered a short sale and is subject to approval from you lender(s). Short sales can be a better alternative than bankrupty or foreclosure but, you do need an understanding to see if it fits your needs.

Not all situations allow for you to proceed with a short sale. You should first follow these steps to see if it may be right for you.

1st - Do you have a hardship? Some good examples of hardships situations would be divorce, loss of job, death in the family, relocation, medical illness, etc...
2nd - Contact your lender to see if they are open to the idea of a short sale or see if they are willing to do a loan modification to reduce your payments.
3rd - Contact an agent experienced in Short Sales.

As with any sales transaction including short sales, there can be tax and/or legal implications. Therefore, we advise you to seek appropriate legal and financial advice before entering into a sales transaction.

 

Buying Short Sale Properties

Buying a short sale can provide you with an excellent opportunity to get a home at a substantial discount althouhg you should be aware of the following when purchasing a short sale

1st - Short sale transactions can take a while to close. Getting just the approval from the sellers bank(s) can take anywhere from a few weeks to a few months or longer.
2nd - The banks may even reject the sale all together.
3rd - Contact an agent experienced in short sale transactions to see if purchasing one may be right for you.

 

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