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Sellers:  Do you want to sell your home but don’t have the means to pay off the existing mortgage?

Short SalesIf you’re thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won’t cover your total mortgage obligation and closing costs, and you don’t have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process (lawsuit) and then sells it.

Prior to selling your home which might result in a short sale, consider talking with your lender about modifying your mortgage.

When a loan modification still isn’t enough to relieve your financial situation, a short sale could be your best option if:

  • Your property is worth less than the total mortgage you owe on it.

  • You have a financial hardship, such as a job loss, major medical bills, divorce or any documented situation that resulted in the inability to afford the mortgage payment.

  • You have contacted your lender and it is willing to entertain a short sale.

Then Hire a Qualified Team: The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. A qualified real estate professional is one that is a Certified Short Sale & Foreclosure Resource, and is certified by the National Association of Realtors.

Short Sales January 23, 2014
The Penn Premier Group is a boutique real estate company focused on the Washington, DC metro area. Spanning residential and commercial, investment and property management,

Penn Premier is known for its creative real estate transactions and strong client trust. Penn Premier has a distinctive style that spans our services, investments and management.

Penn Premier takes real estate to a higher level of professionalism and delivers value in the broadest sense of the word.

Location

Apartment building_v2Penn Premier Real Estate
9701 Apollo Drive, Suite 301
Largo, MD 20774
Phone (301) 358-3972
Website: www.pennpremiergroup.com
Email: support(at)pennpremiergroup.com

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