Short Sales Maryland - Short Sales Homes Expert Team
Welcome to Maryland! The DavisResnickGroup specializes in Maryland Short Sales. We close over 90% of all our short sales. If you are buying or selling a short sale, we believe you should be fully informed of the process. We have compiled some questions to ask a prospective Real Estate Agent:
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. Do you have a financial modeling program to determine whether the offer is going to yield more cash to the investor than a foreclosure? Would you show it to me?
This is how the investor (owner of your loan) ultimately decides whether or not to approve a deal. Absence of this kind of modeling program means your agent is pretty much throwing darts with a blindfold on and has no idea what the lender servicer might actually accept.
For more information, go to on The Short Sale 411.
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, mortgages 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.
For more information call or email us, we would be happy to answer any questions or concerns.
410-224-0667
Nationally more than 70% of Short Sales FAIL. The DavisResnick Group has CLOSED more than 90% of Short Sales.
You can fill-out our Short Sale 411 questionnaire!
