Baltimore Short Sale Specialist | Baltimore Real Estate

Baltimore Short Sale Specialist | Baltimore Real Estate

by Helene Kelbaugh of Keller Williams Legacy Metropolitan in Baltimore 

Let's Chat!  Buyers: (443) 465-8443

   Baltimore Short Sale Specialist


It is 2015 and our economy and housing market continues to recover.  While the climate has changed and there aren't quite as many short sales and foreclosures on the the market as there have been in most recent years, short sales will never go away.  Short sales are on the market now and there will always be a need for short sales.  Is a short sale right for you?


What is a Sort Sale?

short sale is when a home sells and the proceeds from the sale are "short" to the balance owed to the lender(s) that has the mortgage or any other debts secured against the property.  In addition the owner(s) of the home are not in a position to pay the difference.  This amount is what is known as a deficiency.


Is a Short Sale Right For Me?

The answer to this question is going to be unique to each person.  Short Sales become an option for homeowners to consider when there is a hardship.  Hardships typically translate to a loss of income.  Banks may recognize many hardships as a consideration for a short sale.  


To name a few hardships:

  1. Divorce
  2. Jobloss
  3. Death
  4. Inheritence
  5. Pay Cut
  6. Business Failure

There are several more hardships that a bank may consider, but these are just to name a few.  While there are numerous factors a bank considers before approving a short sale, a documented and proven loss of income and inability must exist.  Most banks will send documentation that includes financial forms for the borrower to complete.  This breaks down the numbers including income, debts etc.  You will also need to document any and all bank accounts including savings, checking, retirement and any other accounts.  Keep in mind the bank is not looking for you to empty or drain your accounts necessarily.  But if you have a millions dollars sitting there, there may be a chance the bank may ask you to sign a promissory note or bring a certain number of funds to the table.  In my experience, the bank being shorted doesn't typically ask for the balance owed or the deficiency amount, but if there are a significiant amount monies documented, the short sale bank may ask for something to be brought to the table at settlement.  I rarely see this happen, but I have seen it happen and it is important to be prepared.  


What About My Credit?

Credit can be impacted by a short sale.  But a foreclosure can be worse.  The term foreclosure follows you on your credit.  Today, even some employers will ask if you have ever had a foreclosure on a application.  Cases have shown that a short sale may impact your credit, but what hits the credit the most is the constant late payments being reported to the crediting bureaus.  Recovering form a short sale can be faster than a foreclosure. 


What Now?

Short Sales can be a daunting task.  With an experienced Baltimore Short Sale Specialist, we can navigate the short sale process together.

Complete this form to find out if a short sale is right for you. A Baltimore Short Sale Specialist will follow up with you!




*Each borrower and short sale is unique as no 2 are the same.  Be sure to speak with a Tax Accountant and Attorney to find out how a short sale could impact you.







Helene Kelbaugh of

Keller Williams Legacy Metropolitan

443-465-8443 DIRECT | 410-342-4444 OFFICE           


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