SHORT SALE POTOMAC
A short sale is a real estate transaction where a homeowner is facing hardship and gets permission from a bank to sell their property for less than they owe on the mortgage. If your house in Potomac, MD is worth less than what you owe on the home loan, a short sale maybe your best alternative to foreclosure.
A short sale requires a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer. Our short sale team has a high success rate on approvals from the banks and closed short sales in Potomac, MD 20817, 20827, 20854, 20859, Bethesda, Silver Spring, Chevy Chase, Rockville, Takoma Park, Kensington, Gaithersburg, Hyattsville, College Park, Bowie, Germantown, Clarksburg, Laurel, Poolesville, and Frederick, Maryland.
Bank approves short sales when they believe a hardship situation exists, however, hardship is not only determined by how much money a person earns but also it factors in a person's expenses, especially if expenses have increased and income has decreased.
Stop Foreclosure Potomac MD
Let our experienced Potomac short sale real estate agents help you avoid foreclosure in Potomac, MD. We will negotiate directly with your banks to get short sale approvals for you. Our goal is to reach out and educate homeowners who are behind on their mortgage or think they soon will be. We have solutions that may save your credit and enable you to start fresh.
Potomac short sales are complicated but, can help sellers who owe more than home is worth. A short sale occurs when a property is sold for less than the total debt owed on the property. Potomac short sale must be approved by the lenders and borrowers requesting a short sale must prove a hardship such as a mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation.
Our professional short sale service is totally free for our clients. Contact us for a free confidential consultation today!
Potomac Short Sales
The simple accessibility of loans and a number of associated methods like the settlement of equal monthly installations has made purchasing a house a very easy task. With the quick growth of real estate in Potomac, Maryland you can swiftly plan a perfect home for yourself now. Nonetheless, often times, such investments can end up being dangerous. Home mortgages on a home as well can show to be the hugest danger feasible. You typically can not pertain to terms with the location. At the same time, there are many chances that the value of your house can depreciate as opposed to appreciating. Because of this, the value of money that you have spent on your house is a lot more than its present worth. This eventually comes to be a greater issue, if you got your home on a mortgage. To this rescue, comes a hearty solution known as a Short Sale.
By doing a short sale, we merely suggest that you can sell your undervalued house to another buyer with the permission of your financial institution. If the amount owed to the bank happens to be more than the amount you will really get, in case you sell the house, after that the best decision would be to do so. If the financial institution accepts a Potomac short sale, you can sell the house to a home buyer at its decreased value as well as get the balance written off by the bank. Typically, the bank writes off your balance from its account. The amount not paid by you will be shown as earnings in your accounts by the financial institution.
Short sale Potomac only occurs when there is an outright guarantee that the money worth of your house can not increase in the future. To avoid the risk of a total loss, the bank often accepts the lowered amount of short sale.
Dangers likewise exist if you are the one who buys short sale homes in Potomac, MD. There are several usual mistakes that individuals make when they buy a home for themselves in short sale. If you are getting such a home, then you need to carefully look at the problem of the house. Real estate investment will only pay if the house remains in good condition. Another usual mistake is that of neglecting property issues. You need to make certain that there are no forgeries or legal problems with the property that you are purchasing otherwise it might lead to bigger troubles in the future.