Deed in lieu or short sale?
Are you facing foreclosure and considering your options? Sidney has made some very great points here about what the implications are.
Keep in mind, Banks are not in the business of home ownership, they are in the business of helping others become home owners so doing a short sale might be a better option than doing a deed in lieu of foreclosure.
If you live in Maryland and are considering your option you may wish to work with an agent who is a CDPE. I am a CDPE and work in Anne Arundel, Baltimore, and south Harford County as well as Baltimore City. For more information visit my website.
If you are thinking of buying or selling a home give me a call today and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. You can save thousands by listing your home with Advance Realty Professionals If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building a lone is worth the plunge into todays market.
In keeping with saluting our heroes, during 2011 I am waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's. If you enter into a contract by the New Year's eve I will waive the admin fee at settlement. This is a $395 savings. If you are thinking about buying or selling a home give me a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-761-1550/410-744-2100 or I can be reached directly at 410-292-0100.
Deed in lieu or short sale?
Both are ways to prevent a foreclosure.
With a Deed in lieu the homeowner agrees to vacate the home and turn the keys over to the lender in lieu of a foreclosure.Sounds easy? Well it's not.Most lenders do not want the deed back,they are not in the home selling business.What you will find is that if you request that your lender take back your home via a Deed in lieu, they will advise you to try to sell the home on your own first.How can you sell your home if their is no equity? The answer is a short sale.
In a short sale your lender will work with you and your Realtor to market and sell your home for the current market value.
That market value could be half of the amount you owe. In my local market Temecula CA. many of the homes I am selling via the short sale are priced well below what my clients paid for the home. Typical example......Seller purchased the home in 2005 for $495,000 + improvements.Today he has a hardship and asked his lender for a Deed in Lieu of foreclosure.They would first tell him to find a Temecula Short Sale Specialist and short sale the home.This home would list for $250,000 in our current market.Who pays the Realtors costs to short sale the home? Your lender pays commissions and *most all other fee's needed to short sale the home.Remember they do not want the home back.They want it off their books.
There are State and Federal laws currently on the books to protect you from the banks seeking the deficiency.These protections end soon.I know short sales and have done them for over 16 years.I have also taken the time to get certified as a HAFA short sale agent.Talk to me if your thinking a short sale is for you.All calls are private and confidential.The number below is my personal cell number that only I answer.
*items your lender may not pay are HOA fee's & home warranty.
at your service,
Sidney Kutchuk AKA...Cyber Sid
SHORT SALE AGENT www.aShortSale.com
CALL ME, 951.215-6745 cell41720 Winchester Rd #I Temecula Calif. 92590 951.676-4663 DRE# 01156692
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