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Short Sales, Foreclosures & REO |
If you are thinking of doing a Short Sale and purchasing a Short Sale, REO and Foreclosure properties, please call me at (301) 921-4540.
What is a Short Sale?
A short sale is the sale of a home where the net proceeds are not enough to cover the seller’s obligations.
The sellers are obligations are mortgage payoff, closing costs, property taxes, transfer tax and commission.
In some instances, the sellers could be or already in default on their mortgage and/or facing foreclosure.
A short sale may help a homeowner avoid foreclosure.
What is a Foreclosure?
In the State of Maryland current foreclosure process, from the first foreclosure filing to the final sale,
is among the shortest in the nation. In Maryland, lenders may foreclose on a mortgage or deed of trust in
default using either the judicial, assent to decree, or non-judicial foreclosure process, which is typically
takes approximately 90 days. Foreclosures.com offers laws by state and can be found at www.foreclosures.com.
What is an REO Property?
REO properties are banks owned properties and there are no more mortgage loans. The bank will handle the
eviction, if necessary, and may do some repairs. The banks would be responsible for removal of all liens
including any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a title
insurance policy and the opportunity to investigate the property. The Banks always sell a property in "As Is"
condition. Inspections are for informational purpose only and the majority of the time no repair will be made
by the Banks.
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