Home > Blogs > Fernando Herboso - Associate Broker MD, & VA > Homes For Sale in Maryland

Is a SHORT SALE a good OPTION for ME?

By Fernando Herboso - Associate Broker MD, & VA

Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO

June 19, 2008 12:44 AM

Fernando, is a SHORT SALE a good option for me?

I get this question a lot these days. .

Is a short sale a good option for you?

That depends on your particulate situation, a good way to judge if a short sale is a good option for you is to ask yourself these questions .

Is a FORECLOSURE slowly becoming a reality for you?

If nothing changes in the next 3 to 5 months. . Am I headed to a foreclosure?

If the answer is YES , chances are that a SHORT SALE could help you tremendously.

A loan modification plan is always a great PLAN before a SHORT SALE.

Make sure you have exhausted all the possibilities for a loan Modification with your lender.

When we have a listing as a SHORT SALE and my client calls me that they decided to MODIFY their loan, we are happy to remove the SHORT SALE listing, We know our role here. ..we are here to help you AVOID FORECLOSURE ALL TOGETHER.

We service only MARYLAND, DC and Virginia.. . but we don't discourage you if you want to talk about your situation if you live outside our market area. . .send me an email, tell me a little about your situation and I will show some of your options during these difficult times. .

WARNING!!!!

DO NOT BORROW MONEY FROM YOUR CREDIT CARDS OR FAMILY MEMBERS TO PAY YOUR MORTGAGE IF A FORECLOSURE IS COMING ANYWAY!!!DON'T MAKE THIS MISTAKE!

Need immediate help? Call 240.426.5754 right now!

Fernando@ReallyNiceHomes.com

Comments(7)

Comment

Show All Comments

Sort:

Charlie Ragonesi

AllMountainRealty.com - Big Canoe, GA

Homes - Big Canoe, Jasper, North Georgia Pros

Nice post . More and more folks are beiung faced with this unpleasant reality

Jun 19, 2008 12:54 AM

Laura Giannotta

Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ

Your Realtor Down the Shore!

Good info, and that truely is the message...We want to help people avoid foreclosure, so if a loan modification is possible go for it!! I think that message is lost on much of the public. Many think we're just in for the money. They don't understand that in the long run, if I help a client avoid foreclosure, I'll gain more in the long run..loyalty and referrals! Thanks.

Jun 19, 2008 01:51 AM

Mike Saunders

Retired - Athens, GA

Fernando - I especially like your warning. It might not be the same advice the mortgage company will give, but it is very good advice.

Jun 19, 2008 01:56 AM

Gene Allen

Fathom Realty - Cary, NC

Realty Consultant for Cary Real Estate

Good advice but it seems so complicated what is a seller really to do.

Jun 19, 2008 04:25 AM

Anonymous

Brian Kurtz

You are so right about not borrowing from credit cards to pay the mortgage if foreclosure is on the horizon. For that matter, don't dump money into the house when you are doing a short sale either. You won't be getting a DIME of that back and the truth is cosmetic modifications or updates in this market simply have no real impact on price.

Buyers are trying gouge tens of thousands of dollars out of list prices already reduced to the rediculous. If you put a $15,000 kitchen into your house the same buyer might offer the EXACT same price as if no kitchen was installed. If you're selling short then there is no way to get it back anyway. Also, if the short sale is denied and the home goes to foreclosure then ALL the money is going down the drain.

Jun 19, 2008 05:01 AM

Michael Wayne Jackson

Coldwell Banker - Novato, CA

Broker - Seniors Real Estate Specialist Novato

Great blog and great warning Fernando. You are right about being foreclosure, it is pretty much over unless you come up with all of the penalties and months behind in payments.

Jun 19, 2008 08:24 AM

Paul Francis

Francis Group Real Estate - Las Vegas, NV

Las Vegas Real Estate Agent - Summerlin Homes

Good Advice,

It's best to take action now then waiting for the inevitable.

Jun 20, 2008 09:14 PM

Is a SHORT SALE a good OPTION for ME?

Need immediate help? Call 240.426.5754 right now!

Comments(7)

Fernando Herboso - Associate Broker MD, & VA

Service Areas

Real Estate Resources

Recent Posts

Popular Posts

Additional Information