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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

700 7th St Sw Unit #417, Washington image
700 7th St Sw Unit #417, Washington — Town Square Tower,Rla (Sw) $327,750

Open House Saturday 1:00 - 3:00 Location!! Location!! Location!! This spacious 1-bedroom comes at a GREAT price. Right off the living area are sliding doors to your enorm...

  • 1 Beds
  • 1 Baths
  • DCDC2097892 MLS
  • Town Square Tower,Rla (Sw) Bldg.
3328 D St Se, Washington image
3328 D St Se, Washington $295,000

Home with great potential, sitting on a good size lot in Fort Dupont. Close to Fort Dupont Park, Anacostia Park & Minnesota Avenue Metro Station. Property is in need of c...

  • 4 Beds
  • 1 Baths
  • DCDC2095922 MLS
3223 Warder St Nw Unit #2, Washington image
3223 Warder St Nw Unit #2, Washington $750,000

This beautiful and spacious condo is located at 3223 Warder St NW #2, in the highly desirable neighborhood of Washington, DC. Featuring three bedrooms and three and a hal...

  • 3 Beds
  • 4 Baths
  • DCDC2096792 MLS
3223 Warder St Nw Unit #1, Washington image
3223 Warder St Nw Unit #1, Washington $550,000

Welcome to 3223 Warder St NW #1, a stunning and modern condo located in the heart of the vibrant Columbia Heights neighborhood in Washington, DC. This beautiful property ...

  • 3 Beds
  • 4 Baths
  • DCDC2096784 MLS
724 Rock Creek Church Rd Nw, Washington image
724 Rock Creek Church Rd Nw, Washington $685,000

Thank you for all the tours. Offer deadline is 5/25/2023 at 3pm. Introducing a stunning property nestled in the coveted Columbia Heights neighborhood of Washington DC, of...

  • 7 Beds
  • 4 Baths
  • DCDC2094102 MLS
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Berkshire Hathaway HomeServices Homesale Realty
11949 Robinwood Dr., Suite 100
Hagerstown, MD 21742
Phone: (301) 745-1620
Email: sandy@sandy-curtis.com



 

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