What is a real estate
short sale? Do I need to short sale your
Bowie Home?
What is a real estate
short sale? Do I need to short sale my Bowie
home?
I get this questions
many times from buyers when they see a house priced well below market and it
has short sale in the remark. Homeowners also ask this questions a lot when
they see homes in their neighborhood
selling for less.
Real estate short sale can be define simply as when a homeowners current mortgage balance
is more than what the current market value of the house.
Short sale is a term use by a mortgage lender if a property
is sold and they are making less of what is owed. The term short sale has been
around for a long time, but with the housing bubble of 2007 the term became
very popular when many homeowners owed
more than their house is worth, unable
to make mortgage payment, unable to sell for what is owed and short sale is one
of the options available to exit their house gracefully.
The number of
properties being sold as short sale increased significantly in 2007 in Bowie during the housing
bust. The trend has slowed down as the housing market improved, however many
homeowners in Bowie still see short sale as an option.
Short sale properties are very competitive in pricing with
regular properties, as mortgage lenders always do property appraiser before they agree
to do a short sale. As a buyer looking
to buy a short sale be prepared to make
an offer quickly, as these properties don't last in the market.
Currently there are 51 homes being sold as short sale in Bowie. If you are
homeowner in Bowie
and unable to make your mortgage payment, short sale may be right for you.
To find out if you qualify for short sale or are looking to short sale your house in Bowie, contact Keji & Associates @ 301-613-2043 or
visit our website to see how much your Bowie home is worth.