Short Sale Specialist needed in Maryland

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Short Sale Specialist needed in Maryland

Marcus Simon
Fort Washington, MD · Member since 2013 · 13 posts · 2 votes
Hello BP Family I've come across a deal in the Upper Marlboro, Maryland area that requires someone with short sale expertise. The deal is probate. Decedent owes $260K which is the retail value of a home in good condition in that area. The home needs about $65K in renovations. I need a short sale specialist who can negotiate the existing debt down to something that makes sense for an investor and take the deal from start to finish in a timely fashion with minimal delays. Preferably someone who has done multiple short sales this year, and is familiar with the different lending instituitions and their timelines. Executor will give me the lender information tomorrow. Please contact me via message and let's see if we can do some business together. - Marcus Simon
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Elizabeth Nourse
Investor · Fairfax, VA · Member since 2015 · 239 posts · 90 votes
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@Marcus Simon

Hi- I believe I might be able to help you. I'm partnered with a very experienced attorney (Licensed in MD/ VA) that specializes in short sales and distressed negotiation. Together we have currently have a number of short sales that we're jointly doing (three in MD and one in VA active/contract right now). Please review my profile and message me if you're interested. We have a close rate of over 90% and are VERY good at what we do.

Thanks!
Liz

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  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
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    First off, is there homeowner paying the mortgage on time. If so the. That is the first strike against the deal. You will also have a difficult time with this as from what I have seen on properties in Maryland that I have gone after as short sales, the banks are not forgiving the debt and making the owner still responsible for the amount due. Curious as to others but I have stopped going after short sales at this time because the last three I had under agreement went on for over a month and the banks each time would not forgive the debt.
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  • Derek W.
    Investor · Kern county Riverside County, CA · Member since 2008 · 494 posts · 261 votes
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    Have the heirs agreed to wanting to do a short sale? This is usually not beneficial to the Heirs. Why wouldn't it be the best interest of the heirs to let the home foreclose since there is no money coming their way from the sale? It seems like it opens them up for tax and legal repercussions they are currently insulated from. 

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  • Marcus Simon
    OP
    Fort Washington, MD · Member since 2013 · 13 posts · 2 votes
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    Hey Guys, I'm strictly looking for someone interested in working on this specific deal. If you're not willing to work on this deal then your commentary is unnecessary.
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  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    In Maryland, real estate agents can no longer negotiate short sales, only a short sale negotiator can.  Next you are going to have to pay them an up front fee often to do so.  A bank is not going to allow a short sale to an investor. Also no short is going to be done within a timely manner and minimal delays....they are going to stretch on for long periods of time, and be very complicated to navigate.

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  • Elizabeth Nourse
    Investor · Fairfax, VA · Member since 2015 · 239 posts · 90 votes
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    @Marcus Simon

    Hi- I believe I might be able to help you. I'm partnered with a very experienced attorney (Licensed in MD/ VA) that specializes in short sales and distressed negotiation. Together we have currently have a number of short sales that we're jointly doing (three in MD and one in VA active/contract right now). Please review my profile and message me if you're interested. We have a close rate of over 90% and are VERY good at what we do.

    Thanks!
    Liz

    2Reply
  • Christina R.
    Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
    10y
    Originally posted by @Russell Brazil:

    In Maryland, real estate agents can no longer negotiate short sales, only a short sale negotiator can.  Next you are going to have to pay them an up front fee often to do so.  A bank is not going to allow a short sale to an investor. Also no short is going to be done within a timely manner and minimal delays....they are going to stretch on for long periods of time, and be very complicated to navigate.

     Russell - HNY!  Would a Realtor with a CDPE certification qualify to negotiate a short?

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  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    @Christina R. I do not believe that certification would work. Here are a couple links from the state that have advisories on what an agent may and may not do with a short sale, and who may negotiate with the lender on a short sale.  I have not really looked into what you need to do, or what license you need from the state.  I pretty much stare clear or short sales these days. As a buyer myself, I think it is a waste of time and effort trying to get one to go through...and I echo that as working as an agent for a buyer.  As a listing agent, a short sale is going to take up a considerably longer amount of my time, and the short sale negotiator is likely going to get my commission cut in the process....so I try to avoid listing them if at all possible.

    http://www.dllr.state.md.us/license/mrec/mrecshort...

    http://www.dllr.state.md.us/finance/advisories/adv...

    http://www.dllr.state.md.us/finance/advisories/advisory9-08.shtml

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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    10y

    @Marcus Simon I'm not interested in working your deal, since it's not local.  I was going to caution you about the most probable trap on this short sale, but since you're not interested in that commentary, I'll just sit back and see how it works out.

    1Reply
  • Isaiah Williams
    Real Estate Agent · Hyattsville, MD · Member since 2016 · 9 posts · 0 votes
    10y
    My team can assist you! We have a certified specialist that work with distressed RE situations like yours. Our team closed 20 SS deals in 2015. It really comes down to the bank. Hate to say WF is the worse. Send me an inbox. Let's connect
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  • Rich Jessica H.
    Grand Prairie, TX · Member since 2016 · 6 posts · 0 votes
    10y

    I can negotiate short sales as I have expertise as a subject matter expert for many mortgage lenders/servicers. Send me message or email and we can discuss your file in more detail if you want to proceed further.  

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  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y
    Originally posted by @Rich Jessica H.:

    I can negotiate short sales as I have expertise as a subject matter expert for many mortgage lenders/servicers. Send me message or email and we can discuss your file in more detail if you want to proceed further.  

    In Maryland you actually need a license to negotiate short sales. Being in Texas I doubt you have the required license. 

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  • Ryan Lee
    Investor · Bowie, MD · Member since 2016 · 143 posts · 51 votes
    10y
    Originally posted by @Elizabeth Nourse:

    @Marcus Simon

    Hi- I believe I might be able to help you. I'm partnered with a very experienced attorney (Licensed in MD/ VA) that specializes in short sales and distressed negotiation. Together we have currently have a number of short sales that we're jointly doing (three in MD and one in VA active/contract right now). Please review my profile and message me if you're interested. We have a close rate of over 90% and are VERY good at what we do.

    Thanks!
    Liz

     Liz, I would like to work with you on any short sales that you think may fall through. inbox me.

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