Short Sale Homes in the Salisbury MD Area
What Is A Short Sale?
In a short sale, the bank or mortgage lender agrees to discount a loan balance because of a financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than (or short of) the outstanding balance of the loan and turns over the proceeds of the sale to the lender. Neither side is doing the other "a favor"; a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than would result from foreclosure action or continued non-payment.
Given the unprecedented and overwhelming number of losses that mortgage holders in have seen in the last several years, they are now more willing to accept short sales than ever before. Recent changes in Maryland law about who can negotiate a short sale for Salisbury MD area homeowners should streamline the process. This presents an opportunity for "upside down" borrowers who are having trouble selling to avoid foreclosure as a result.
Short Sales and Salisbury MD Area Home Buyers
Short Sales can also present an opportunity for the Salisbury MD area home buyer or investor to purchase a home at a discount. They'll need an experienced professional working on their behalf, along with patience and flexibilty. It's critical for a potential buyer of a short sale to get educated before pursuing one of these properties.
Content Authored by Dale King