Whether you are in Harford County Maryland considering a Short Sale, Baltimore County, Cecil County, Anne Arundel County, Baltimore City, We are here to help you avoid foreclosure and become a Bank Owned Property. Foreclosures are expected to increase through-out Maryland in the coming months. Don't wait until the last minute to start the Short Sale process here in Maryland.
What is a short sale?
It’s likely you’ve heard the term “short sale” thrown around quite a bit. But what, exactly, is a short sale in Maryland?
A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market, has this process become a part of the public consciousness. To be eligible for a short sale, you first have to qualify!
To qualify for a short sale,
a.) Your house must be worth less than you owe on it, and
b.) You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as when the loan was originated. *You cannot qualify for a short sale if you simply want to move, as the bank will scrutinize your financial records to confirm financial hardship. I meet all of these criteria. What do I do now? Once the bank is on board, the real work begins…
1.) Find a QUALIFIED agent to handle your short sale in Maryland . It’s a good idea to find one who has completed at least 30 successful short sale transactions, as short sales require a very specific skill set. Knowing how to successfully navigate pitfalls and avoid potential delays is key to the success of the transaction. Read through our short sale expertise throughout our website.
Robert B. McArtor is a Certified Short Sale Agent through Long and Foster Real Estate, Inc.
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