What is a short sale or pre-foreclosure property?
o A short sale occurs when a homeowner sells their property for less than what they owe on it. The process requires negotiation with the homeowner’s lender. o After a buyer and seller agree and have a ratified contract, the listing agent must then work with the homeowner’s lender(s) to obtain their approval to allow the transaction to proceed at the agreed upon price. The lender will review the current market value of the property and decide whether to forgive the homeowner for the difference between what they owe and what the house can sell for. This process can take anywhere from 60-90 days. To learn more, visit the Buying a Short Sale page. o Maryland law states that the buyer can choose the settlement company. I work with a title company who assists with short sale negotiation and can work with the listing agent to get the negotiations done in a timely manner. Since we do not know how experienced any one listing agent is at negotiation, using the title company with a great track re
