Chris Highland

Becky,

The previous answer is correct! Banks never saw this crisis comming. They do not have the staff or systems in place to handle it. In Maryland the number of short sales that actually go to settlement is much lower than in some other states (FLA,NV,CA) that have led the way over the cliff in the mortgage crisis. The fact is that most of the short sale packages that go to the bank for "approval" are D.O.A. because they fail to provide the necessary info for them to make the decision. For example, the banks need to have proof of the sellers "hardship" in order to recommend to the investor involved that they settle for less than is owed. Sometimes the investor is literally in another country. The dirty little secret is that only the offers that have ALL of the necessary information for ALL of the parties involved your offer will most likely end up in the shredder.
The need for the listing agent to know what they are doing is never more important than in a short sale situation. They are the ones preparing the information for the bank and if they are unaware of what is required the banks do not have the time to specify the items necessary. They are buried with these deals!

Good training is essential within the Realtor community is critical to the public being well served. One such trainning class on short sales that I have attended is the Certifed Distressed Property Expert or CDPE. There are others out there but we all need to get with it if we as agents are going to improve our success ratio with short sales (currently aprox 1 in 30 go to settlement in MD.) - Fri Nov 14 2008, 20:36

The MLS shows this property as active, but unlike the Trulia information, it has 3 BR, 3Ba.
Here is a link to the MLS info: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=27775042923 - Wed Nov 12 2008, 08:46

The status is active. The house is a 3 bedroom 3 bath according to the MLS. Here is a link to the MLS report.
http://matrix.mris.com/Matrix/Public/Email.aspx?ID=27775042923 - Wed Nov 12 2008, 08:43

Last year I was the manager for an office in that area and can reccommend several great agents to assist you there. I have no bias as I am currently selling real estate in another area of the state.

Contact me if you would like an inpartial referral.

isell4u2@msn.com - Wed Nov 12 2008, 07:09

Edward,

There are a number of great attys for you to consult and I am sure you will get several references. Did you go through all the other options to retain your deposit? If the contract form that was used is the what we refer to as the MAR contract, you have the option to go to meditation prior to litigation. As a matter of fact the language in that contract stipulates that if you do not go to mediation prior to litigation you must pay the other parties legal fees.

I am not giving legal counsel just thought this may save you some time and money. - Thu Nov 6 2008, 08:50

C,

The "historic" designation will have a positive effect on the value of the home making it "rare'.
Due to that fact the comps will be more difficult to acquire within in the typical local comparable neighborhood. The appraiser will most likely take this into consideration and find "like properties" from a broader area and make the necessary adjustments for neighborhood variances.
What happens if the property does not appraise for the selling price depends on the contract. If your realtor has included an appraisal contingency, or in the case of a VA, or FHA loan, the home must appraise for the sales price or the price is typically renegotiated. - Sat Nov 1 2008, 12:46