Helene Kelbaugh eXp Realty Baltimore Realtor®: Short Sale Properties in Lutherville MD 21093

Short Sale Properties in Lutherville MD 21093

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?

As of right now there are 4 short sale properties in Lutherville, MD 21093. House values continue to rise in the Lutherville real estate market.

Now is the time to buy a short sale property in Lutherville.

For more information on Short Sale properties in Lutherville MD 21093 contact me today