Dave & Lisa Webber

No lenders want to do a short sale and they will tell you that they won't. If you are in a position where you cannot make the payment, that may be an option to pursue. The problem you have is the 80/20 as it sounds like you have 2 different lenders. The first usually will not participate in a short sale and the second wants to get something. They will take as little as a couple thousand on a second, depending upon the amount. Being over by Ft. Meade, rentals are moving quickly - we submit about 3 lease applications a week just between Dave and I in this area. The rental amount won't cover your mortgage if you purchased recently, but it may be enough to cover a good portion of it until the market rebounds. We're expecting BRAC to help with inventory levels and should start seeing a good improvement in this area in the next year or two. Hope this helps - good luck to you! - Wed Oct 29 2008, 06:31

There isn't a Fox Elementary in Arnold, but there is a George Fox Middle in Pasadena that is not too far from Arnold but not in the same district. There is also a Fox Chapel Elementary in Germantown. Were you referring to one of these?

You can check out information about schools around the country on http://www.greatschools.net. I hope this helps! - Wed Oct 29 2008, 06:26

This is a really nice home - I can e-mail you the specifics if you'd like. It's only a couple minutes from my home and office and we work with people looking to rent on a regular basis if that's what you'd like to do. This home can also be purchased on a rent-to-own basis. Let me know if you'd like more details or would like assistance with finding your new rental home. - Wed Oct 29 2008, 06:10

You mention that it was originally listed at 419K and then you say now it is "in the hands of the bank". Is this a short-sale, or has the bank taken it back as a foreclosure? If the bank has foreclosed, you make an offer and they will get back with you very quicky, many times in 1-3 days with a yes, no, or counter-offer. If it is still a short sale, there are many variables. Is there a 2nd mortgage on the property? You'll want to know that because if the offer does not give any money to the 2nd mortgage holder, the 1st mortgage holder will have to give them money so they will sign the deed over. Many 1st mortgage holders will not participate in a short sale, they would rather foreclose. The seller has to prove they are destitute, no savings, and major life change in order for the bank to accept the short sale. Short sales are very hard to get approved for a variety of reasons, feel free to call me and I'll go over details and specific examples. The bank may or may not get back with you. If the seller's agent misses any one single thing on the checksheet, the loan mitigation specialist may put aside or even trash the file, without responding at all. Short sales have become pretty popular in the system but the instances of them actually closing are very slim. Your best bet for a bargain in this market is a very motivated seller or a bank foreclosure, when the bank actually forecloses on the loan and then puts it up for sale. Once the home is actually an REO property (real estate owned), the bank will deal and some of the deals are amazing. We're closing on a bank foreclosure next Wednesday that was an awesome deal, only needed carpet on one level, nice home in Crofton, good price. The good foreclosures you have to jump on quickly though so you'll want to be on an automated "drip" e-mail program which will give you homes in the areas you are looking, when they come down in price, and as soon as foreclosures are listed. Good luck to you! - Thu Jul 24 2008, 19:02

Short sales appear to be good deals but only a tiny fraction of these actually make it to settlement. Most buyers don't want to touch short sales and I personally do not recommend them as they are usually a waste of everyone's tme. They are not seen by most people to be an attractive purchase option, so will most likely be a non-issue when you pur your house up for sale.

What you'll want to look at is what other homes are selling for in Odenton. Most sellers that are not pressed to sell have not adjusted their prices to market values so they are sitting. Those sellers who really do need to move, will adjust their price accordingly and you'll see them going under contract. Most of the homes on the market now will not sell. If you get a chance, go to my blog and you'll see an Anne Arundel County chart showing houses that are listed compared with those that are actually selling. It's pretty shocking.

But the good thing for you is Odenton is a very sought after area, close to Ft. Meade and people are buying there. If you've been in your house for longer than the past 3 years, you'll be just fine and should come away with money at the settlement table. If you'd like an individualized comparable market analysis along with a "net sheet" (which will show you what you'll "net" at settlement) just let me know.

Good luck! - Tue Jul 8 2008, 11:04