Short Sales:

An Owners Guide to Selling for Less Than you Owe: Baltimore, Harford and Cecil Maryland

With the decline in real estate values, high unemployment rates and low buyer confidence, many homeowners find themselves in an “upside down” position. That is, they owe more on the mortgage than the property would sell for. Let’s look at how this happens:

You purchased your home in 2005 for $300,000. You put down $15,000 and mortgaged $315,000. Since that time you have, like many Americans, been subjected to a “hardship”, like a loss of income and find yourself unable to keep up with your mortgage payments. To make matters worse, let’s say the value of your home is now realistically $240,000, what do you do? This step by step list will help you get ready for the process of “selling short” your property.

•  Contact a skilled Short Sale Realtor in your area (Kelly Willey)

• Contact your attorney and CPA to see if this is right for you

• Create a detailed list of all of your expenses, loans, bills, medical expenses, child care

• Gather documents to verify all your household income include w-2, 2 years tax returns and paystubs

• Write a detailed, hand written letter, explaining the hardship that is necessitating the short sale. This is where you need to put aside your pride and write a detailed and tear jerking letter to convince your lender they should forgive you thousands of dollars

• Call your lender and ask for the loss mitigation or work out department to discuss your options.

Just because the value of your home has dropped, does not mean you have a hardship. Examples of hardship would be:

• Loss of employment

• Extended illness

• Excessive medical expenses

• Divorce

• Death of a spouse

Once you have opened communication with your lender, spoken to your attorney and hired a competent Realtor, like Kelly Willey, you will need the following to complete the short sale transaction:

• >Fully executed contract of sale on your property

• Sellers net sheet (prepared by Kelly Willey)

• Hardship letter

• Financial details: paystubs, bank statements etc.

• Patience: It can take up to 3 months for your lender to sign off on the “short sale”. This is where a skilled and persistent Realtor is advantageous.

Kelly Willey is your expert in the Baltimore, Harford and Cecil Counties, Maryland with over 20 years of experience working with Short Sales, Foreclosures, Pre-Foreclosures, Bank-Owned, REO, HUD owned, VA owned and distressed properties.

Kelly Willey's Web Site 

410-879-8080