11 Quick Questions and Answers About Short Sales For Maryland Homeowners

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

 

1. What Is A Short Sale?

 

The sale of a property upon agreeable conditions for what is worth and not for what's its owed

 

2. Why Would A Lender Agree To A Short Sale?

 

To save money and time, typically a short sale will net the lender more money than a lengthy foreclosure with hired attorneys

 

3. Why Would A Seller Agree To A Short Sale?

 

To avoid a foreclosure and possible an deficiency judgment

 

4. What Must A Seller Do To Prepare For A Short Sale?

 

Speak to their lender and hire and experienced short sales real estate agent

 

5. What Is The Short Sale Selling Process?

 

Submittal of all collaborating documentation about the homeowners case, put the property in the market, obtain an offer and acceptance and closing

 

6. What Are The Qualifications For A Short Sale?

 

You home must be worth less than what is owed and in most instances,. You must have a qualified hardship

 

7. What Constitutes Hardship?

 

A hardship is an involuntary situation where your bills exceed your total monthly income.

 

8. What Does Not Constitute Hardship?

 

Your home losing value

 

9. How Is A Short Sale Different From A Normal Sale?

 

For a short sale you need an approval from your bank. .in a normal sale you don't

 

10. What Are The Consequences Of A Short Sale?

 

Your credit rating may be affected for at least a couple years

 

11. Which Is Better, Foreclosure or Short Sale?

 

A short sale has a better outcome for the homeowner. Possible 24 months for a short sale to recuperate vs. 7 to 10 years for a foreclosure.

 

Fernando Herboso

www.Short-Sales-Expert.com

 

 

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Rainer
144,110
Lydie Ouellet Dickinson
Realty Executives Tri County, Bellingham MA - Bellingham, MA
Realtor
Fernando, those are great questions answered simply. I really like it and I am sure a lot of folks would appreciate this too. It always seems the banks puts everything in such big words. It is hard to see and understand clearly, especially when someone is in it, deep. Thank you!
Apr 11, 2011 05:58 AM #1
Rainer
372,583
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Fernando ~  Another excellent post.  There is simply no reason to use anyone else when it comes to getting accurate, up-to-date information on Short Sales in your area.  Very impressive.

Apr 11, 2011 03:24 PM #2
Rainmaker
4,064,574
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

A great post explaining short sales, as many still have questions, and if it will benefit them.   You would be an asset to a homeowner in need of a short sale!

Apr 12, 2011 11:01 AM #3
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Fernando Herboso - Broker for Maxus Realty Group

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