• What is a Short Sale?

    (Please Keep In Mind That Each Lender has Its Own Policy and Procedures for Accepting a Short Sale And Time Frames Need To Complete One Vary, Lender By Lender. Neither CENTURY 21 Finesse nor Bev Langley can warrant to you that All Short Sales Will Be Accepted as their acceptance in in the hands of third party or parties. Even though We Have Completed many Successful Short Sales, We Do Not Claim To Be An "Expert" in Short Sales. PLEASE SEEK COMPETENT LEGAL AND TAX ADVICE PRIOR TO ENTERING INTO ANY SHORT SALE.) There may be other solutions to your problem, other than a short sale.

    A Short Sale is reserved for sellers that normally are behind on their payments or will become late on their payments, if current conditions continue, and/or maybe facing foreclosure. Short Sales are for sellers that have no other avenue to keep their mortgage current other than sell their home or to allow the lender to foreclose on the property.

    Short sales are a long drawn out procedure that can routinely take 60 - 90 days or longer to get the lender to consider and accept. And is some cases the lender will not accept and will proceed with the foreclosure. There are no guarantees that the short sale will be accepted by the lender.

    How Does A Short Sale Work?

    A contract to buy must be written at a price that will net the lender less than currently owned and with the seller netting "0". This contract along with other documents, required by the lender, will be submitted to the lender for consideration. A personal hardship must exist with the seller and you personal financial data must be supplied to lender, along with other documentaion. An appraisal will be ordered by the lender.  After all documents have been received the lender will review them to determine if they will net more by "short selling". If so, they will agree to the terms of the contract and settlement can occur. If the lender feels that they will net more by going to foreclosure, then they will move to foreclose and not accept the "short sale".

    Because each lender is different and has different requirements and procedures to accept a "short sale." Bev has aligned herself with experts in the industry, that provide this service, and is offering this service to her clients.

    Bev is one of the "few" agents in the country to hold the certification as a "Certified Distressed Property Expert". She knows how to help you with your property problems.

    If you wish to discuss "short sales" or "third party approval" further with Bev she can be reached at 410-320-0282 of you can email her are bev@bevlangley.com or simply fill in the requested information and she will contact you.