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Foreclosures, Bank Owned REO and Short Sale Homes for Sale in Frederick MD
Frederick County best source of Foreclosures, Bank Owned REO and Short Sale Homes and Condos just listed for sale in the MLS and/or announced by an REO bank. Brunswick, Burkittsville, Emmitsburg, Frederick, Middletown, Mt. Airy, Myersville, New Market, Rosemont
Thurmont, Urbana, Walkersville, Woodsboro and other Frederick surrounding cities.
Frederick County Short Sales Experts-Success Story:
We are showcasing one of our many Short sale successes in Frederick County, MD. Of course the exact address and buyer seller details will not be published to protect their privacy.
The home was located in Clover Ridge in the city of Frederick and was a beautiful 5 bedroom, 3.5 baths, 2car garage brick and siding home. At the time, we took the listing this home was worth around $500,000(stretching) (February2008'). There was a 1st Mortgage with ASC with a total outstanding loan balance of around $440,000.00, and this lender was growing inpatient since the monthly mortgage payment was already behind. There was also a 2nd Mortgage with a small Bank with a total outstanding loan balance of around $100,000 . This resulted in a total outstanding debt of just about $540,000.00. The homeowner first call us and wanted to know her options. At that time she was informed and advised to call her bank and get a loan modification request based on her present condition. . .I knew she could qualify for it. She really had a hardship.
HELP HERE
We told the homeowner, that we could not guarantee success, but in case her loan modification negotiation stall. . her other option was doing a short sale before going in foreclosure. It was a shot she had to take. .soon afterwards because her loan modification wasn't going nowhere.
To make a long story short, in the first few weeks we were stunned. .no one wanted to come by and see this beautiful house. Our original price of around $500,000.00 wasn't bringing the traffic I was hoping for. We had one competition working against our efforts. The local builder had a few remaining houses to sell and they were heavily discounting them. Would you buy a short sale or a foreclosure if a BRAND NEW home was the same price?
Of course not!
During the next few weeks, we gathered and prepared the short sale documents for both the 1st and 2nd mortgage banks while we were waiting for a buyer. The process was long and very detailed. .but my dear client knew she had go forward. .. ..her neck was on the line and I was the one she trusted to help her during this ordeal.
We got the negotiators assigned to us and both banks were expecting an offer that would not come.
I knew the time of foreclosure was coming and we had to find a buyer somewhere. Again [the faith on God that my dear client portrayed was amazing and serene. She told me later on that she had the faith that she needed to accomplish this and she necer doubt it. My negotiatior in the other hand. .. tusted God too. .but also was relentless in getting an approval.
We finally received an offer. We enticed a buyer by putting a price that we were hoping can be convincing to the bank to accept . . and still beat the competition for the whole neighborhood.
During that next month, we conducted expert negotiations in order to get the loan balances reduced to allow the purchase of the property. The 1st Lender, ASC , eventually agreed to a discounted settlement and soon afterward the second lender agreed as well. . the final closed price was $375,000 PLUS the bank allowed close to $20,000 in seller contribution.
OMG !!!!
My client nearly fell off her chair when I informed her that the banks have accepted the short sale and they were reducing her total mortgage by a whopping difference of approximately $185,000.00 !!!
which represented around a 35% discount from the total outstanding loan balance owed. Sounds hard to believe I know, The second mortgage got less than $5,000.00 YES . . only five grand and they took it because they were faced with the tough decision of either accepting this massive discount, or receiving nothing from the eminent foreclosure sale.
My dear client got her wish and SOLD her home in a relatively dignified manner, versus being evicted by the sheriff in a bank foreclosure. What are her chances to buy another property you may ask?. .Actually her prospects look very good.
She can easily improve her credit down the road now that a foreclosure was averted. Plus within 2 years, FNMA could underwrite a mortgage loan for her, if they so choose, versus having to wait 5 years for such a privilege if she ended up in a foreclosure.
What about House Prices?
I assured her that with all this mess. . the Government and the Banks will not allow equity build-up like we seen in 2003-2005 era. They will control it by using the interest rates as a tool.
Equity build up for the next 2 years when my client will be ready to buy again will be at the most (predicting here) 3 % to 6% per year. At that rate, she could easily afford to buy the same type of house at a discounted price in the $300's Her payments then will be more affordable than this last house.
Herboso & Associates does not take every listing that comes our way. We select the ones that we know MATCH with our type of service and if you fully qualify.
To see if you qualify and see if a short sale is an option for you. .please read my eBook about SHORT SALES
If you are a buyer looking for all HOMES FOR SALE, FORECLOSURES or Pre-FORECLOSURES, please sign up for my FORECLOSURES LIST FOR MARYLAND HERE
To start searching for FORECLOSURES and PRE-FORECLOSURES in FREDERICK COUNTY and all it's cities . . Check ALL LISTINGS FOR FREDERICK HERE
HELP HERE
The Team of Herboso & Associates is one of the leading short sale experts in Maryland To be great at short sales, a firm needs to be dedicated full time plus, to this endeavor. You have to understand that bank negotiations are very trying frustrating and time consuming. We have a FULL TIME negotiator on our staff to help us accomplish these type of results..
Please contact us for a free consultation to sell or buy a home.
Thanks,
Buying Short Sales in Maryland can be very rewarding. Foreclosures for Frederick MD here. Foreclosures for Frederick MD here. Bank Owned Properties Frederick
Foreclosure, Bank Owned REO and Short Sale Homes for Sale in Frederick MD
Fernando Herboso
Herboso & Associates
Realtor/Consultants
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