DMS Properties, LLC
Residential Real Estate Services
10 Sixth Street, Indian Head, MD 20640
Post Office Box 2051, Waldorf, MD 20604

Office/Fax: 301-744-0002

Green Bar

FAQ -- Can You Help Me with
a Short Sale of My Property?

Yes, we can. We have successfully completed several short sales and actually have a couple "in the works" right now. As you probably know, a short sale is where the home will be sold for less (sometimes substantially less) than the current market value. This involves working with the lender(s) ... to ultimately get "third-party approval" for the sale.

The first step is to determine the fair market value for the property. We've seen many short sales where the home is listed far below the market value in order to get a contract. That's great, but ultimately the sale is doomed to failure because the "third-party approval" will never happen. The lender(s) will get at least one appraisal as a part of the process of determining their bottom line.

Before you start the process of a short sale, you need to be willing to do some work. The lender(s) are going to request documentation ... lots of it ... from you to justify the reason for the short sale. We can discuss those requirements with you when you Contact us to talk about your specific needs.

A short sale is a time-consuming process tht normally takes anywhere from four to eight months from start to finish. Both the sellers and the buyers (and the real estate agents) involved in the transaction need to be willing to exercise patience. Be caseful who you choose to handle a short sale for you ... if they request an up-front payment in connection with short-sale services, they are violating not only the real estate licensing laws, but the Maryland MARS act.

In addition to the Real Estate Agent representing you at the seller, you should also contact a tax advisor or tax provessional to explain the potential tax consequences of a short sale and the applicability of the Mortgage Forgiveness Debt Relief Act of 2007. You should also contact a housing counselor for discussion about alternatives available to avoid foreclosure. You should contact the Maryland HOPE Program at 1-877-462-7555.

Green Bar

Equal Opportunity Housing