“The secret of success in life is for a man to be ready for his opportunity when it comes.” Benjamin Disraeli
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance owed to the lender. This could mean great opportunities to a buyer who has patience, financing and flexibility.
Opportunities in short sales can be favorable to the buyer because the properties are usually priced at or below market value and some lenders are paying up to 3% to assist the buyer with closing costs.
There are a few things to consider when buying a short sale property.
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Short sales are not always quick to close. The process can take weeks to months before you’re able to sign the deed.
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There is more paper work involved aka the short sale package.
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There are more parties to the transaction including the lender or lenders depending if there are multiple loans on the property.
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The short sale department or loss mitigation officer who works with the agents to facilitate the short sale
Whereas a traditional sale you’re negotiating the terms of the sale with the seller.
Currently there are 66 short sale opportunities that are listed for sale in Upper Marlboro. Depending on style, location, amenities, these homes are priced from $34,000 to $550,000.
Short sales are not for everyone, but if you have the patience, financing and flexibility, then you’re good candidate to purchase a short sale.
To learn more on how you can purchase a short sale in Upper Marlboro or in the metropolitan area, contact me now and let’s get the process started.
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Denise Dimares
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