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Natalie Dean
MRE Group
Realtor® GRI & Certified REO Specialist
Short Sales..What Every Seller Should Know
Short Sales..What Every Seller Should Know
Short Sales..What Every Seller Should Know
Shorts Sales in Maryland, DC and Virginia - Should I just Foreclose?
Why isn't just better to foreclose in Maryland, DC or Virginia because forecloser is the loss of your home, a ruined credit report and a possible deficiency or a recourse judgement where the lender sues the borrower for additional funds beyond the sale of the house. Foreclosure can be expensive and follow a borrower for years to come making it difficult to purchase property in the future, obtain credit for non secured debt, car loans as well as renting property. The obvious and best choice is a Short Sale.
Below is a table delineating the Short Sale Recourse and Non-Recourse (Deficiency/Non-Deficiency) obligations for Maryland, DC and Virginia: (Please note that this is a general guide only, you need to check your states statutes for accurate up to date procedures)
| STATE | TYPE OF FORECLOSURE | MONTHS TO FORECLOSE MINMUM/EXPECTED | DEFICIENCY JUDGEMENT | REDEMPTION PERIOD |
| MARYLAND | JUDICIAL | 2/2 | POSSIBLE AND PRACTICAL | 6 MONTHS |
| DISTRICT OF COLUMBIA | NON JUDICIAL | 2/4 | POSSIBLE AND PRACTICAL | NONE |
| VIRGINIA | NON JUDICIAL | 2/2 | POSSIBLE AND PRACTICAL | NONE |
In short an anti-deficiency law protects purchasers of residential property used for his/her primary residence pursuant to a purchase money mortgage. Should the borrower fail to make all obligated payments and gets foreclosed upon by their lender, the property is sold to pay the mortgage. This is when a deficiency between the sale price and outstanding balance of the mortgage could occur. In a non recourse or non deficiency state the lender can only recover the property and proceeds of the subsequent sale; the homeowner/borrower would not be responsible for any deficit between the sales price and the actual loan balance.
Can I start My Short Sale Now? Will I get Approved for My Short Sale?
We are glad you asked. We speak to many homeowners who have already fallen behind on their mortgage payments and in desperate need of a short sale. In these instances their credit has been bruised and it is best to get the short sale started and completed quickly before further damage occurs. We have worked with clients who are at the county courthouse steps, literally the house is going to be sold within 24 to 48 hours and we have worked with the trustee, the courts and most importantly the bank to STOP FORECLOSURE and start a SHORT SALE.
If you haven't fallen behind on your payments but you know your economic condition is going to drastically change or your mortgage is going to adjust, making the mortgage unaffordable, don't waste another day. Start your Short Sale NOW!
Many borrowers hear horror stories of borrowers trying desperately to sale their home through short sale only to fail dismaly. A borrower's chance for a successful short sale (getting your short sale approved by the bank) greatly improves when they hire a Short Sale Realtor with knowledgable experience of closing successful short sales.
Banks do not want to own property, they are in the business of lending money, property held on their books in foreclosure impedes their ability to lend money and often is a tax liability. Again foreclosures are expensive for everyone, the borrower and the bank. Most borrowers have long since stopped making mortgage payments, the property might have been abandoned which leads to vandalism and the banks responsibilty to make repairs, not to mention the attorney and court fees. The obvious and best choice is a Short Sale.
Why hire a Realtor for my Maryland, DC or Virginia Short Sale?
As a borrower you have the added stress of your day to day worries and lets face it, short sales are not residential retail they take 4 to 6 months to negotiate, require a specialized understanding of the banks requirements, a host of additional paperwork strictly for the banks review (ask for a detailed list of short sale requirements) and the most important step is that a borrower needs a contract on their property to begin negotiating a short sale. This is a requirement that almost 99% of the borrowers sorely lack. Short Sales require that your realtor is daily answering questions from the bank, providing updated paperwork, watching the market to give a clear picture of value and negotiating on the borrowers behalf. Many borrowers don't realize that additional liens might be being placed on their property dependig on where they are in the short sale process. These are all items of the Short Sale Realtor's concern to ensure that the bank understands why its most prudent to accept the short sale and not foreclose on the property. The obvious and best choice is a Short Sale negotiated completely by an expert Short Sale Realtor licensed in Maryland, DC and Virginia.
Now is the time to take back control of your financial life and your peace of mind. Hire the Short Sale Real Estate Expert so you can implement these proven strategies today and start planning for your future. 202.438.1056
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© 2012 Metropolitan Regional Information Systems. All rights reserved.
Information Deemed Reliable, but Not Guaranteed. The property information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this web site comes in part from the participating Brokers.
Last updated on May 19, 2012.
Information Deemed Reliable, but Not Guaranteed. The property information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating to real estate for sale on this web site comes in part from the participating Brokers.
Last updated on May 19, 2012.