Two Important Short Sale Questions????

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Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO

Maryland Short Sales

 

How Much a Short Sale Will Cost Me After All? 

 

It costs you nothing. . .

When I list a home as a short sale, I recognize my clients are in hardship and they need all the help they can get.

Some of them have fallen trap to the loan MORTIFICATION fiasco and paid some lawyer a lot of money for nothing.

When I do a short sale, I tell my clients we are in the same boat. . .no can guarantee you a successful short sale. 

 

Read more about how much a short sale should cost you?

Should We Stop Making Our Mortgage Payments?

 

A question I hear very often being asked frequently by homeowners. . when considering a short sale.

Nobody, outside of a lawyer, can tell you whether to stop making your mortgage payments. . especially not Real Estate Agents, because we are not licensed to give you legal advice. 

But you have to realize that the bank will only accept a short sale when you are in a hardship. .Read More)

 

Short Sales Maryland 

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Rainer
209,593
Dennis Duvernay Broker/Owner
Hillview Realty - Northbridge, MA
Fernando...good point about stopping payment on a mortgage....so many agents just don't realize that we cannot give legal advice and try to give their OPINION which can cause trouble down the road....
Jan 21, 2011 05:02 AM #1
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

How about 'will the bank go after me?' and 'how will this impact my credit?' I like yours, but these are two more that people always ask; don't you agree?

Jan 21, 2011 05:27 AM #2
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Melissa:  Great timing, I was looking for ideas for my videos of the week. . and I'm all ready to go and your suggestions come in. . thank you !

Jan 21, 2011 06:17 AM #3
Rainmaker
333,694
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Fernando, my broker's client was just recently got scammed by someone who claimed to be able to help them with their short sales.  They lost $1,200, that's a lot of money especially during difficult time.

Jan 21, 2011 12:28 PM #4
Rainmaker
238,132
Donna Paul
Keller Williams Realty Gold Coast - Dix Hills, NY
Long Island Home Specialist,All About Real Estate
Great questions, Fernando. Whenever the homeowner is looking to do a short sale I hope they'll call you to take care of them.
Jan 21, 2011 01:24 PM #5
Rainer
82,850
Jim McNinch
Trademark Loss Mitigation - Spring, TX
Short Sale Specialist, Texas

Fernando, great comments.  I agree with Melissa in that I am asked about credit impact and deficiency liability as often as "what will it costs me" or "should I stop making payments".

Don't overlook the occasional homeowner that is Struggling to maintain their payments in order to do the right thing and keep their credit intact.  Sometimes, even to the point that they deplete their savings or borrow money to make payments they may never benefit from, in hopes that "things will get better". 

Most lenders, not all, will allow a homeowner to complete a short sale with no missed payments as long as a very detailed hardship and supporting financial information is provided showing the intent but inability to pay.  We have been able to successfully do a short sale for these clients as long as the client does not have any appreciable amount of savings and can show where they have depleted savings, IRA or other financial source.

Obviously, the lenders are wary of someone who can afford the home but for what ever reason, no longer wants the property.

Jan 22, 2011 05:54 AM #6
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Fernando Herboso - Broker for Maxus Realty Group

301-246-0001 Serving Maryland, DC and Northern VA
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