Short Sales in MD
Selling your home short is a viable option if you are having financial issues and you need to sell your house in order to have less financial impact on your credit report. This should not be the first choice for homeowners in a financial struggle. In the case of short sales in MD, you should opt for it only if you are about to face foreclosure. Sometimes, there are simply no other choices to avoid a financial breakdown than to sell a home short. Since these transactions are not for beginners, it is of utmost importance to have a local realtor and a real estate attorney by your side. Their experience when it comes to navigating through this process is irreplaceable.
What Should You Do Before Selling Your Home Short?
When homeowners are about to face foreclosure, they are under a lot of stress, and that can lead to making wrong decisions they will later regret. If you are behind on your mortgage, before starting with a short sale process, try getting your mortgage company to give you a loan modification. Have in mind that you need to ask for a loan modification in a timely manner. If the bank doesn’t notice you are active and if it seems as you are not trying to consider other options your lender is willing to offer to you, the bank will foreclose your property. Sitting around and doing nothing is the worst thing you can do. If you don’t take your situation seriously, and you don’t work something out, your home could be selling in the next foreclosure auction. As soon as your mortgage starts going downhill, you must be proactive and talk to your mortgage company.
If you haven’t got any luck of getting a lower mortgage payment, and there is no way you could maintain your current payments, then you should consider selling your house short. If you decide to consult with local realtors, every one of them will tell you that this option is far less damaging for your credit history than a foreclosure. Even though it will be very hard to part ways with your house, this is a better option than losing your home on an auction.
Short Sale Process
If you have decided to sell your house, the first thing you must do is to hire a short sale specialist to come to your aid. Your agent will know everything about the best offers you can get in your area. Homeowners are often offered up to $3000 for a quick move out option. This means if you are willing to vacate the property faster than normal once your house is sold, you will be paid more money. The thing is, the longer the property stays on the market without providing any income, the more costly it will become for the mortgage company. They will want to get rid of the non-paying borrowers as soon as possible in order to close the sale to a new buyer. Therefore, it is more beneficial for them to offer money to you in order to get you out faster when the time for it comes.