Home Buying in 20853>Question Details

Joanna, Home Buyer in Maryland

I'm looking for an agent who has short-sale experience.

Asked by Joanna, Maryland Mon Aug 25, 2008

I've looked at some of the agents' responses to similar short-sale questions and they seem very broad and general and most want you to call them before disclosing any info about short sales. I'm looking to speak with someone who has legitimate experience with short sales to really give a good in-depth explanation of the pros and cons of these types of sales.

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9
Fernando Herboso is your best bet. I believe he responded already. He has a ton of experience and will work his tail off for you.
1 vote Thank Flag Link Wed Aug 27, 2008
Joanna:
I have experinece doing short sales, As and agent that has encountered different situations in short sales, I decided to write an ebook that explains the process in detail
Please read it here,
thanks
http://reallynicehomes.com/PDF/The_Short_Sale_Option.pdf
1 vote Thank Flag Link Mon Aug 25, 2008
Hello, My name is Steve Queen and I work with Exit Bennett Realty. Please view http://www.stevequeen.com for answers to your short sell questions. There is a link with a inter active video to help explain many of your questions. Please call me at (202) 367-4348 if you have additional questions. Good Luck!
Web Reference: http://www.stevequeen.com
0 votes Thank Flag Link Mon Jul 19, 2010
Pros.....major savings on home prices
Cons....long delays in contract submission, acceptance process. Must be patient.
We have proprietary software that allows us to track properties in three counties in Maryland the very day a foreclosure proceeding is instituted. Please call for further information. 301-529-8238 DJ
Web Reference: http://robinrealty.org
0 votes Thank Flag Link Sun Sep 7, 2008
Joanna,
Because short sales are more complicated as far as the process, and are increasing in number given the current mortgage crisis, There is a certification that is offered on a national level, CDPE, Certified Distressed Property Expert. I have taken the training and am certified as well as experienced. I found the training to be the best investment of time and money I have ever made in my real estate business. I have been equipped by the best to handle both the selling and the buying end of a short sale transaction.

One of the aspects of dealing with distressed properties is that there may be options other than a short sale. The CDPE training has equipped me to help people explore all the options, whether they end up selling or not. I'm happy to be of service whatever the case.
0 votes Thank Flag Link Tue Aug 26, 2008
Joanna,
The pros and cons can vary depending on if you are the seller or the buyer. I think you are the buyer so I will briefly answer based on that. When I am showing property to a buyer that is a short sale I remind them of the time frame that it can take. Short sales do not work for every buyer depending on their situation. If my buyer wants to pursue the sale, I talk with the listing agent to find out how far into the process they are. There are hoops a seller needs to jump thru for the bank to consider a short sale. Just because it says short sale approval required in the listing does not mean the lender has even considered it. I want the buyer to have a good understanding of where the seller is in the process before we proceed. I also like to find out as much as I can about the house, such as what the seller paid for it, have they had other offers that the bank has rejected, is there a short sale company involved in the negotiations betweent the bank and owner, etc. Knowledge is power and the more you know before you write an offer the better prepared and better your decisions will be. While there is always the interest in foreclosures and short sale because of the perceived value they will bring a buyer, it is not always the case. I recommend my clients look at all of the properties in the price range that meet their needs. The other post offer some good info and I hope mine helps too.
Kim
Web Reference: http://www.kimandrenie.com
0 votes Thank Flag Link Tue Aug 26, 2008
Joanna,

I'm assuming you're interested in purchasing a short-sale property. There are many things to consider. A short sale is where the homeowner owes more on the property than its market value, and the homeowner's lender has agreed to accept less than the balance owed on the mortgage. This is usually a situation where the owner is still making monthly mortgage payments, but realizes they're not in a position to keep the home. A short sale has a lower impact on one's credit score than a foreclosure. An owner who arranges a short-sale generally has taken better care of their home than someone who allows their home to foreclose. However, in some cases, the condition of the property could be such that some work/repairs are needed. The next major concern is the fact that the seller's lender has to approve offers. Due to the huge backlog many lenders are facing, it could take 1-3 months to get a respone from the lender. You have to be in a position to wait. When a response does come, it may be a rejection or a counteroffer you're not willing to consider. I hope this gives you some of the detail you're looking for.
0 votes Thank Flag Link Tue Aug 26, 2008
Are you looking to sell a home as a short sale? Or are you thinking about buying a home that is being sold as a short sale? Every short sale is different in that each lender can decide whether or not they will allow you to sell your home at a price lower than what the balance on the mortgage loan is. Negotiating with the lenders is one thing that I do have experience with. If you are buying, it is up to the lender that owns the mortgage to accept or decline any and all contracts. They can take up to several weeks in some cases to decide whether or not they will accept your contract. In some cases, I feel that they are waiting to see if they can get a better contract from another individual. That is why it is important to make your best offer and stick with it. Again, negotiation is key with all short sales. I am very good at negotiation.
Web Reference: http://www.tinabeasley.com
0 votes Thank Flag Link Mon Aug 25, 2008
Do you care where they are or do you want somebody in your area?
Web Reference: http://www.AllisonRalph.com
0 votes Thank Flag Link Mon Aug 25, 2008
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