Jan

6

Top 16 Seller Benefits of A Short Sale

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

Top 16 Seller Benefits of A Short Sale

  1. No additional funds required at closing
  2. Lender pays real estate commissions
  3. Avoid foreclosure and many times a judgment
  4. Preserve credit
  5. Closing costs and settlement fees paid by lender.  No cost to seller.
  6. Does not go against your credit
  7. Negotiated settlement
  8. No attorney fee
  9. Seller’s peace of mind
  10. Buy again in 2 years
  11. Liens Negotiated
  12. Stay in the property longer
  13. Smoother transition
  14. Avoid foreclosure on your credit
  15. May avoid bankruptcy
  16. Less worry

As Certified Distressed Property Experts (CDPE) we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends.  For more market trends visit www.BaltimoreMarketTrends.com  Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me  Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                           4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

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Jan

5

Baltimore/Washington Real Estate Sub-Market Pending Sales (Under-Contract) *Trend Tracking*

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

Baltimore/Washington Real Estate Sub-Market Pending Sales (Under-Contract) *Trend Tracking*

Updated 1/5/09 6:30am Source:

Baltimore City

650 Properties Under Contract

Average Contract Price $232,472

Average Days On Market 110

Baltimore County

508 Properties Under Contract

Average Contract Price $297,517

Average Days On Market 124

Prince Georges County

945 Properties Under Contract

Average Contract Price $265,585

Average Days On Market 128

Washington, D.C.

640 Properties Under Contract

Average Contract Price $456,617

Average Days On Market 99

Montgomery County

1,086 Properties Under Contract

Average Contract Price $400,006

Average Days On Market 104

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends.  For more market trends visit www.BaltimoreMarketTrends.com  

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me  Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                           4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

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Jan

4

Renovation Financing Is Back For 2009!

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

Renovation Financing Is Back For 2009!  

Visit www.TheMarraMortgageGroup.com.  

Whether your a homebuyer, a current homeowner, a real estate agent, a contractor who specializes in home improvements or a government official looking for solutions to your communities housing needs, the Marra Group is your guide to understanding renovation financing.

Renovation Financing Is Back

The Marra Group has over 45 years combined experience in originating and closing Conventional, FHA and VA loans. In addition to being able to provide traditional home mortgage products they specialize in renovation financing.Contact Lisa Marra

The Marra Mortgage Group
Home Mortgage Consultant

Office: 410-512-4844
Mobile: 410-598-2609
Fax: 866-617-4269

www.TheMarraMortgageGroup.com

lisa.r.marra@wellsfargo.com

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends.  For more market trends visit www.BaltimoreMarketTrends.com  

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me  Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                           4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

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Jan

3

What is a Distressed Property Expert?

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

What is a Distressed Property Expert?

      Aaron Rice is a licensed Maryland REALTOR® and foreclosure prevention expert who has been certified through a national program called the Distressed Property Institute. He has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process. He is an advocate for the distressed property owner. Aaron understands your options, the urgency, the opportunities and most importantly, the process. He is a knowledgeable professional who has been helping homeowners find the best solutions to their financial crisis.

    Aaron is:

  • Informed on issues and options

  • Knowledgeable of detailed processes and procedures

  • Your lifeline in a real estate crisis 

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends. 

For more market trends visit www.BaltimoreMarketTrends.com.   

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp.

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                                                4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu of Foreclosure your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

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Jan

2

Top 12 Reasons To Avoid Foreclosure!

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

Top 12 Reasons To Avoid Foreclosure!

1.)  The homeowner will always have to disclose that they have had a foreclosure on any mortgage application and (many job applications) that you submit in the future and this can have an adverse affect on your future mortgage rates.

*This is the only credit item that is asked specifically and does not rely on what is on an individuals credit report.  There is  no 7 year time limit on this item.

2.)  Credit scores will be lowered by 300+ points (per loan) and a foreclosure is the most devastating credit issue you can have in relation to future credit availability.

3.)  The homeowner will be ineligible for a government insured loan for 5 to 7 years (only 2 years in a short sale)

*A Foreclosure is the one credit report item that is almost impossible to have repaired.

4.)  Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at bank sale.

5.)  Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.

6.)  Many current employers run credit checks and a foreclosure can put a current position in jeopardy.

7.)  Security clearances and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.

*Revocation of secruity clearance can result in job reassignment or loss.

8.)  The tax liability in a foreclosure may be much higher than in a property negotiated short sale since in most cases cancelled debt will be higher.     

9.)  “As your Certified Distressed Property Expert (CDPE) I will explore every option with you and work towards a resolution.”

10.)  “While it may not seem like it now there will come a time where your current financial troubles will pass.  You will feel much better knowing that you did everything you could to avoid this devastating financial consequence so many people face today.”

11.)  Protect and Preserve Homeownership.

12.)  Protect and preserve Homeowner Equity.

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends. 

For more market trends visit www.BaltimoreMarketTrends.com.   

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp.

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                         4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu of Foreclosure your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

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Dec

31

What is a Short Sale?

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

What is a Short Sale?

  • In a short sale, a financially insolvent homeowner who is facing foreclosure sells their home for less than the value of their loan.  The lender accepts the sale as payment in full for for the loan.
  • Because of the current economic conditions more and more homeowners are facing foreclosure.
  • A short sale gives a homeowner a way out of foreclosure and is potentially financially advantageous for lenders.  We call this a win-win.

Not All Real Estate Agents Are Qualified Short Sale Experts

Here are 10 questions to ask your real estate agent before you sign on the dotted line…

1.Can my real estate agent explain the short sale process to me?

2.How do I know if my property will qualify for a short sale?

3.Does my real estate agent know what information I will need to provide to the lending institution?

4.Does my real estate agent know what “hardship” categories qualify me as a short sale candidate with the lending institution?

5.Does my real estate agent know how to create an effective short sale strategy?

6.Does my real estate agent have prior experience and specialize in working with homeowners and lending institutions to create a short sale transaction.

7.Does my real estate agent know how to market my home since efficient timing is essential.

8.Does my real estate agent know how to price your home?

9.Does my real estate agent have a pricing/marketing campaign for 14/30/45days?

10.How do you know if you are really comfortable with the real estate agent the you are selecting?

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends. 

For more market trends visit www.BaltimoreMarketTrends.com.   

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp.

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                         4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu of Foreclosure your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

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Dec

30

Current Maryland Regional Real Estate Submarket *Trend Tracking*

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

Current Maryland Regional Real Estate Submarket *Trend Tracking*

Updated 12/30/08  7:55AM Source:

•Avg Sales Price Baltimore City 

(2004 $109,000) – (2006 $180,000)

(2007 $200,000) (2008 $191,125)

(National Avg $181,000)

•Total Active Listings

•Washington, DC – 3,116 ~ Avg List Price $614,244 ~ Avg DOM 150

*Montgomery County - 4,553 ~ Avg List Price $577,747 ~ Avg DOM 159

•Prince Georges County – 5,000+ ~ Avg List Price $232,035 ~ DOM 166

•Baltimore County – 4,250 ~ Avg List Price $367,745 ~ Avg DOM 172

•Baltimore City – 5,000+ ~ Avg List Price $148,949 ~ Avg DOM 181

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends.  For more market trends visit www.BaltimoreMarketTrends.com  

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me  Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                                          4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

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Dec

29

Renovation Financing Is Back!

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

Renovation Financing Is Back!

Renovation Financing Is Back

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends.  For more market trends visit www.BaltimoreMarketTrends.com  

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

Comments (0)

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Dec

29

3 Myths and Truths About Short Sales

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

3 Myths and Truths About Short Sales

Myth #1

Lenders want to foreclose on delinquent homeowners.

Truth 

Lenders are in the business of loaning, not owning.

Myth #2

Financilally distressed homeowners have worked through all their options with their lenders

Truth

7 out of 10 financilly distressed homeowners who go into foreclosure do so without VISIBLE intervention.  Financially distressed means stressed.  These homeowners may not realize there are positive options, and they could be avoiding creditors instead of working for a win-win solution.

Myth #3

Short Sales are hard.

Truth

This type of transaction has become a real estate niche. The Baltimore Short Sale Team has specialized knowledge and understands the systems required to be successful. As REO/BPO Specilists we deal with banks, loan servicers and asset managers on a daily basis. You can be sure that you’ve selected a firm with previous experience and expertise.

As Certified Distressed Property Experts we have experience and expertise of local market trends. 

For more market trends visit www.BaltimoreMarketTrends.com  

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me  Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                                          4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

Comments (0)

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Dec

23

Current Baltimore County, Maryland Real Estate Market *Trend Tracking*

Posted by Aaron Rice under For Buyers, For Realty Professionals, For Sellers, General Information

 

Updated 12/23/2008 9:45am Source:

Average Days On Market Since September 23, 2008 ~ 113

Average List vs Sales Price 97%

Average Sold Price $293,284

1,341 Homes Sold Since September 23, 2008

As Certified Distressed Property Experts we deal with banks, loan servicer’s and asset managers who contact us on a daily basis to help determine the value of their assets. You can be sure that you’ve selected a firm with previous experience and expertise of local market trends.  For more market trends visit www.BaltimoreMarketTrends.com  

Call the REALTOR® the banks call to sell their homes.  Contact Aaron Rice today 443-244-0051.

Do you want to know what your home is worth in today’s Shifted market? 

Click here http://www.baltimorehometeam.com/whats-my-home-worth.asp

If you, your family or friends are looking for refinancing strategies, tips for a quick sale or information on purchasing a home, I invite you to call me for valuable information on today’s ever changing real estate market.

If you, your family or friends are facing a current or future financial hardship the BaltimoreShortSaleTeam.com can help please contact me  Aaron Rice, Certified Distressed Property Expert (CDPE). 443-244-0051.

Our Client-First Philosophy

There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

That said, in my experience as a Baltimore real estate professional, I’ve also found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to your needs.

This “client first” philosophy has always been my approach and it requires me to continually improve my skills and ways of doing business. In addition, I’ve found that the latest technologies are enabling me to do everything I’ve always done, only much more quickly and efficiently. They’ve also helped me to extend the range of services I provide to my clients.

Are you facing a financial hardship?

 

4-Temporary Loan Relief Alternatives

1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. A reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. A repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include

  • Adding missed payments to the existing loan balance

  • Making an adjustable-rate mortgage into a fixed-rate mortgage

  • Extending the number of years you have to repay

                                                                          4-Permanent Loan Relief Alternatives

1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure A legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

We believe that a Short Sale is the last option that a homeowner

has before foreclosure.

Preserving homeownership & homeowner equity is always the

first priority.

 

Legal & Tax Advice

Sellers are advised to obtain legal advice regarding the advisability and terms of any short sale agreement with creditor(s) and professional tax advice regarding the tax implications of any such sale.

This process will result in the loss of your home.

Aaron Rice, CDPE, CRS, GRI, SHS

Baltimore Home Team

Keller Williams Realty

3301 Boston St. Suite 200

Baltimore, MD 21224

443-244-0051 Cell

aaron@baltimorehometeam.com

www.BaltimoreShortSaleTeam.com

Comments (0)

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