If you are having trouble making your monthly mortgage payments, consider selling your house via a short sale. In many cases, Maryland homeowners selling their homes via short sale are able to get five or more contracts on their homes with three weeks or less.

Consider a property in Clarksburg Town Center, listed as a short sale for $450,000, almost $210,000 less than what the original owner paid. The lending bank was willing to work with the homeowner to avoid foreclosure. Within a nine day period there were three contracts on this property. The market value of this property was over $600,000.

Not all homeowners qualify for a short sale and not all lenders will agree to a short sale.

What is a short sale

A short sale allows a homeowner to sell their property before the foreclosure process begins. Homeowners who are lucky enough to negotiate a short sale with their lender can sell their homes
fast and avoid foreclosure. Foreclosure has a tremendous negative impact on your credit and your ability to obtain credit in the future - whether you are purchasing a car, paying for education, medical expenses or other necessary expenses.

What You Should Do

The first step to listing your home as a short sale is to contact a seller's agent, who can negotiate with your lender to make the short sale possible. The worst mistake you can make is to wait.
Take action now.

Tax Implications

It is important to know that the IRS will consider the deficient amount on your short sale as income. For example, if you owe the bank $200,000 and your home sells at $190,000, the $10,000
will be considered as income. You may seek professional assistance from an accountant to discuss the tax implications of a short sale.

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