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    What in the world is a Short Sale?

    Does it mean that it is quicker to buy one?

    The answer to the first question is a long one, but the answer to the second question is easy. NO, it is not quicker to purchase a short sale.

    So what is a short sale, really?

    Short Sale SignA quick explanation of what a short sale is: when a homeowner owes more on their home than it is worth, have a hardship and need to sell their home. Meaning that they are asking their lender(s) to take less than owed or "sell the loan short of the balance".

    What qualifies as a hardship?

    Divorce, job loss, death, health problems, job transfer and more. Though those are the most qualifying examples, there may be other reasons that one would need to do a short sale. No two short sales are the same and all need a qualified realtor to facilitate the process for the home owner.

    Why wouldn't someone just let a bank foreclose on their home?

    To that answer, my response is why would that be the first choice??

    First off a foreclosure will stay on your credit and haunt you for multiple years, up to 7.

    A successful short sale will be on your credit report for up to 3 years, but allows you to finance a home with different loan types, like an FHA loan, as soon as 15-18 MONTHS.

    Does a Short Sale affect my credit?

    My answer to that one is "Everything you do affects your credit".

    So, yes it would affect your credit and each situation will be different as to how much it will affect your credit. If you are already behind on your payments, then your credit is already affected. On the reverse side of that a foreclosure could cause upwards of a 200+/- point drop on your credit. Note: I am not a credit councilor, so I could not say how and to what effect.

    Can You do a Short Sale on a home with multiple mortgages?

    Yes

    I have seen upwards of 2-4, yes 4 mortgages on a home. Not to mention any liens that may be on the property for outstanding HOA fees or water bills.

    So the "Short" and Sweet of it is that a Short Sale helps a homeowner get out from under a mortgage that they can no longer afford to pay.

    It should not be looked upon as a shameful thing to do, everyone's situation is different. And no one "chooses" to be in a situation where they can no longer pay their mortgage(s).

    Over the last few difficult years, I have been successfully helping homeowners get out from under debt that they can no longer afford by doing a short sale. Some have even received "relocation funds" from their lender to help them with the transition of moving.  It is a rewarding job for me to be able to help homeowners through hard times, not just when someone is in the position to sell and make money. 

    So if you or someone you know are suffering a hardship and would like to discuss options, I am here to help in any way that I can. Please don't lose more sleep about it and call me today! Start your journey to Financial Freedom....

    Sincerely,

    Sandy Curtis, CDPE, SFR

    Your Real Estate Resource!

    Newest Short Sales in Washington County

    744 Kennedy St Ne, Washington image
    744 Kennedy St Ne, Washington $510,000

    Calling all investors, developers, contractors, and savvy end-users looking to build equity with a little elbow grease and vision! Properties like this one don't come to...

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    1309 P St Nw Unit #1, Washington image
    1309 P St Nw Unit #1, Washington — Old City Ii $715,000 ▼

    Original Lofts in Logan Circle! Open loft style floor plan that suits all living and entertaining needs. It is the perfect peaceful and private metropolitan escape. Ente...

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    777 7th St Nw Unit #830, Washington image
    777 7th St Nw Unit #830, Washington — The Residence At Gallery Place,Central $370,000 ▼

    PRICE ADJUSTMENT. EXCELLENT LOCATION!! Enjoy this 1 bedroom 1 bathroom condo in The Residences of Gallery Place centrally located in the heart of China Town and steps awa...

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    • DCDC2041182 MLS
    • The Residence At Gallery Place,Central Bldg.
    1907 Good Hope Rd Se Unit #211, Washington image
    1907 Good Hope Rd Se Unit #211, Washington — Randle Heights $165,000 ▼

    Location, location, location! Walking distance to the metro, grocery store and easy access to downtown, Northern VA or Maryland. This is a gated community with assigned...

    • 1 Beds
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    • DCDC2044332 MLS
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    3916 Southern Ave Se, Washington image
    3916 Southern Ave Se, Washington — Hillcrest $225,000

    Property located in stable neighborhood***Located close to shopping and transportation*****Seller will not make any repairs***Being sold as is**All contracts are subject ...

    • 2 Beds
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    • DCDC2044288 MLS
    • Hillcrest Bldg.
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    Berkshire Hathaway HomeServices Bowen Realty
    11949 Robinwood Dr., Suite 100
    Hagerstown, MD 21742
    Phone: (301) 745-1620
    Email: sandy@sandy-curtis.com



     

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