Looking to buy Single Family in Owings Mills

Asked by Ready to move, 21117 Mon May 14, 2012

Hello,

I purchased a townhome in Owings Mills back in 2005. Our home is currently underwater (like many who purchased a home during this time period). I would love to sell or rent our current house or possibly purchase a single family home in the Owings Mills or Catonsville area. How difficult has it been to rent/sell in Owings Mills? Would we just be expected to bring a large sum of money to settlement if we sold at a value below the actual price? Would appreciate any information or assistance. We are in the very early stages of trying to move.

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5
Lisa Scott’s answer
Lisa Scott, Agent, Bowie, MD
Mon May 14, 2012
I have worked with several homeownes in similar situations. Your options will vary depending on your actual cirmustances. Feel free to give me a call to discuss your specific situation.

Lisa Miller Scott
Sellstate Dominion Realty
301-333-1111
0 votes
Sherrell Hay…, Agent, Reisterstown, MD
Mon May 14, 2012
Hello,

Your situation is similar to many who are looking to move and need to determine how to handle their current property. If you are looking to sell and facing a short sale, there are several outcomes to a short sale in terms of how the bank will handle the shortfall in sales price, or if you are able to pay the shortfall. I live and work in the Owings Mills area and would be happy to discuss your current situation. Also, it's fairly easy to rent in Owings Mills. If you are looking to rent your current home and purchase a new home, most lenders will require that you are able to afford both mortgages and will not consider the rental income unless there is a considerable rental history there.

Please feel free to contact me.

Good Luck!

Sherrell Haynie
Long and Foster Real Estate
1 vote
Marney Kirk, Agent, Towson, MD
Mon May 14, 2012
If you sold your house for less than what you owe, you would need to bring the difference to settlement. Otherwise, it could be considered a short sale, and that would prevent you from being able to buy something else.

If you were interested in renting it, you would most likely have to qualify for the mortgage on the new house without selling your current one since there is no current rental history on the house.

Your best bet is to speak with a mortgage person to find out what your qualifications may be, and what options you may have in order to move forward.

I have a few who could counsel you. Please let me know if you would like their information.

Thank you!

Sincerely,
Marney Kirk
Keller Williams Excellence Realty
1 vote
Robert McArt…, Agent, Fallston, MD
Mon May 14, 2012
I am currently working with Sellers now in your same situation. Please contact me through my website and I would be more than happy to look at your situation. http://www.MarylandHOMESTeam.com/
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon May 14, 2012
Selling below the amount owed will require you to bring money to the closing. I am selling a condo for some people who are underwater. The sales price is $370k and the sellers will have to bring $90k to the closing to be able to pay off the mortgage, without that there would not be enough to pay off the loan and the deal could not go through.
0 votes
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