Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
In today's real estate climate, you may notice that a number of properties are listed as short sales. What is a short sale and what could the purchase of a short sale mean for the buyer?
Simply put, a short sale is an arrangement in which the seller works with their mortgage lender to accept a price that's less than the amount they owe on the property. Therefore, the lender typically agrees to forgive the rest of the loan, and the property becomes bank-owned. In a short sale situation, the seller avoids going through a foreclosure and a buyer can typically buy the property at a discounted price. However, short sale properties are sold "as is," so buyers should expect to fix up the house on their own dime. Sellers should also expect a lengthy period of time between placing an offer on a short sale property and hearing the result of their offer.
To further the homeowner's legal right to a property, a buyer purchases title insurance. Title insurance makes the title company legally responsible for any missed items during the title search and if any title problems arise, the title company defends the title in court.
For more information and insight on the short sale process, contact Michelle Buckman. Representing W.C. & A.N. Miller and Christie's Great Estates properties in Chevy Chase, Northwest Washington DC, Capitol Hill, and the Trinidad neighborhoods, Michelle works with a full range of clients, notably first-time homebuyers.