Baltimore Short Sales/Baltimore Maryland County
MD Short Sales & New Homes in Baltimore with Experienced Agents!
We want to be Your Real Estate Portal for Baltimore Short Sales and new homes for sale in Maryland!
The DavisResnick Group closes more than 90% of all short sales.
A Short Sale occurs when you sell your property, but the proceeds from the sale will be insufficient to pay off the loan or loans secured by your property (Mortgages, Deeds of Trust, Home Equity Lines, etc.)
In the event you can and do pay the difference at closing between what is owed and what you receive in the sale, the sale will be like any other sale between Buyer and Seller.
However, if you are unable to provide the cash necessary to cover the shortfall, you will need to obtain approval from your lender(s) to complete the sale, since they will be taking a loss, and a Hardship must be demonstrated to obtain that approval.
In fact, today, mortages are frequently packaged into pools along with hundreds of other mortgages and sold as securities. Thus, you are rarely making payments to the entity that originated your loan.
When the loan was originated, the collection of payments was probably outsourced to a Servicing Company who actually handles the loan from that point on, on behalf of the Investors who actually own your loan.
The Servicing Company (Bank of America, Wells Fargo, Ally for example) acts on the behalf of the Investors to negotiate the Short Sale based on Investor-defined criteria. The Servicers will also initiate the Foreclosure Process and will, in fact, Foreclose in the event a short sale is not approved on a defaulted loan or other payment arrangements are not made.
Top 10 Questions for a Seller to Ask A Prospective Short Sale Listing Agent
1. Have you CLOSED short sales with multiple liens and different lienholders? (How many liens are there on the property? ) How many?
First or first and second or HELOC, HOA, Condo, Special Assessment, Tax? If the 1st and 2nd aren't with the same servicer, challenges in obtaining multiple approvals from different lender/servicers are compounded. Second lien holders and HELOC holders can be extremely difficult and are very adept at killing deals. Your agent had better have experience with these situations if you want the best chance for a good outcome.
2.Would you say you are an "expert" at short sales?
Taking a two day course in short sales, which is what many agents do, does not make you an "expert." We have been successfully closing short sales since 2007.
Call or email us for a complete list of what your should ask a short sale listing agent.
410-224-0667
You can also contact us from our Short Sales 411 page, just fill-out any questions you have concerning short sales!
