Short Sales can be a great opportunity for a buyer to find a great home potentially
below market in Lutherville. However, a short sale is not for every buyer. There are specific details to consider to determine if a short is for you.
Whats a Short Sale?
A short sale is when a lender accepts an amount that is less than what is owed on a property. When successfully completed, the seller avoids foreclosure and hopefully any deficiency judgments. Why does a buyer need to know this? It's important to understand what a short sale is before moving forward with any offers. A short sale may not be for you.
Is a Short Sale for Me?
Despite the fact that shorts sales are typically below market, home values are going up. Make no mistake, Lenders, that are being shorted, are aware of this. Banks are countering buyer offers, even if the seller accepts. If the bank doesn't accept the offer, there is no purchase.
A few other items to consider:
- Closing Costs - Can you move forward with the sale without the assistance of closing help?
- Time waiting for approval - Can you wait potentially 3-6 months or longer for the sale to close?
- Money for Lender Repairs - Can you pay out of pocket for Lender Require repairs?
- Renovation Financing - Can you qualify for renovation financing?
- After purchase repairs - Can you afford the repairs cost after you close on the home?
- Multiple preapprovals - Can your credit score handle multiple preapprovals?
- Buyer pays to turn on power and water - Can you afford to turn on the sellers water and electrical power for inspections?
If you answered YES to all of these questions a
short sale may be for you!
What financing to do I need?
Pending the condition of the home renovation financing may be required. Short sales can sometimes be in pretty bad condition. If the seller is behind on mortgage and other bills, most likely the home is not getting the attention it needs. Appliances may be missing, vandalism, etc. A renovation loan will allow the purchase and repairs to be financed.
I want to buy a home in Lutherville MD 21093, what next?
For more information on Short Sale properties in Lutherville MD 21093
contact me today
My success is built on your happiness by providing a quality experience with 1st class service.
Helene Kelbaugh, REALTOR
Keller Williams Realty Baltimore
2936 Odonnell Street
Baltimore, MD 21224
410-342-4444o 443-465-8443 m
410-342-0873 fax
11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low.
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year.
9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays.
8. January is traditionally the month for employees to begin new jobs. Since transfers cannot wait until Spring to buy, you need to be on the market during the Holidays to capture the market.
7. Some people must buy before the end of the year for tax reasons.
6. Buyers have more time to look for a home during the Holidays than they do during a work week.
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price.
4. Houses show better when decorated for the Holidays.
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home. Less demand means more money for you.
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you.
And the number one reason why your seller should list during the Holidays …
1. People who look for homes during the Holidays are more serious buyers!
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