Short Sales in the Frederick Real Estate Market
Many buyers are noticing "third-party approval" and "short sale" tags on descriptions of listings. In most cases, the third party is the bank, and the listing is most likely a short-sale. A homeowner who, for any of several reasons, is having trouble making their mortgage payment, can often avoid foreclosure by entering into what is called a short sale agreement with the lender. They can negotiate with the bank to sell their home for an amount that is "short" of what they owe.
Short Sales In Abundance
Banks are not in the business of owning property, and are much more willing to negotiate on a short sale these days than they used to be. The large number of defaults, because of the amount of bad subprime loans made over the last few years, has created an overwhelming situation for most banks. Short sales have been around for years, just not in the volume we're seeing today. It used to be that you had to search extensively to find a real estate agent who had experience in distressed properties; now, in some neighborhoods, over half the homes on the market are bank-owned or short sales.
The short sale process has gotten a lot of negative press, and much of it deserved. Did you know that in Maryland, only 4 in 10 short sale listings ever make it to settlement? The reason is basically two-fold: 1. Most Realtors are inexperienced when it comes to short sales, and 2. Banks are overwhelmed and understaffed, so that they don't have the ability to communicate with realtors. (We speak English, they speak Greek!)
Realtors can learn the detailed process of the short sale transaction in 2 ways: trial and error, or by being trained.
Chris and I chose the latter. Chris has a certification with extensive training and ongoing support that has equipped us to deal with distressed properties. CDPE, Certified Distressed Property Expert. Call us today if you, or someone you know is having trouble making their mortgage payment. We may be able to help you or them avoid foreclosure. 301-831-9947. We'll help you asess your options.
Search for your Frederick home
The Highland Group
Chris & Karen Highland
Frederick County MD Real Estate Agents
301-831-9947
Turning Point Real Estate
isell4u2@msn.com
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