If you are a concerned homeowner in Silver Spring, MD who is struggling to say in front of your mortgage payments, you may have already considered short selling your home. If you’ve consequently conducted any independent research, you might feel anxious and overwhelmed by the short sale process. This is why it is so beneficial to have a Realtor who is a Certified Distressed Property Expert (CDPE) and has experience not only negotiating, but closing short sale transactions.
The short sale process can be long and arduous. Having an experienced agent with the necessary tools and connections can simplify your life tremendously. A good realtor will be able to provide you with contacts for tax attorneys, and other valuable resources that you will need during the process. These contacts are instrumental in avoiding certain short sale-related tax implications that a real estate agent is not qualified to handle.
Some agents use professional negotiators to act as liaison between the seller(s) and the lender. It is important that your agent either have experience negotiating short sales directly, or have a relationship with a successful and professional negotiator.
Lenders don’t usually offer to release you of the liability of the balance, and the last thing you want to receive after closing is a collection notice from the bank seeking this balance. Make sure your Realtor is familiar with the Home Affordable Foreclosure Alternatives program (HAFA) and qualifications to avoid a potential deficiency judgment after you settle. It is worth noting that lenders are not required to approve HAFA short sales, but they may choose an alternative method that will still waive the liability.
To find out if short selling is a good option for you, and learn more about the short sale process contact Emcee Arach and DeeCee Real Estate. Emcee Arah is a Certified Distressed Property Expert in the Silver Spring, MD area. He offers free reports detailing options and action plans to anyone trying to avoid foreclosure. For more information, please call 301.452.5252. He is here to help…in any way he can.
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