RE/MAX Components
Robert and Maria McArtor
Short Sale Tips for Sellers
Why Selling with Robert McArtor is the
RIGHT Choice.
Navigating Short Sales: What to Do When the Sale Price Leaves You Short
If you're thinking of selling your home in Maryland, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale in Baltimore, Harford County, Baltimore City and Surrounding Areas is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
1. Consider loan modification first. If you are thinking of selling your home in Maryland because of financial difficulties and you anticipate a short sale, first contact your lender to see it has any programs to help you stay in your home. Your lender may agree to a modification such as:
·         Refinancing your loan at a lower interest rate
·         Providing a different payment plan to help you get caught up
·         Providing a forbearance period if your situation is temporary
When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if
·         Your property is worth less than the total mortgage you owe on it.
·         You have a financial hardship, such as a job loss or major medical bills.
·         You have contacted your lender and it is willing to entertain a short sale.
2. Hire Robert McArtor with RE/MAX Components in Baltimore, Harford, Cecil County & Surronding Areas. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with Robert McArtor who demonstrates a thorough working knowledge of the short-sale process and will not try to take advantage of your situation or pressure you to do something that isn't in your best interest.
When you Hire Robert McArtor with RE/MAX Components of Maryland He will:
·         Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
·         Help you set an appropriate listing price for your home, market the home, and get it sold.
·         Put special language in the MLS that indicates your home in Maryland is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
·         Ease the process of working with your lender or lenders.
·         Negotiate the contract with the buyers.
·         Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include
·         A hardship letter detailing your financial situation and why you need the short sale
·         A copy of the purchase contract and listing agreement
·         Proof of your income and assets
·         Copies of your federal income tax returns for the past two years
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:
·         If you have only one mortgage, the review can take about two months.
·         With a first and second mortgage with the same lender, the review can take about three months.
·         With two or more mortgages with different lenders, it can take four months or longer.
 When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
·         You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.
·         Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
·         Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale for your Maryland Home will impact your credit score less than foreclosure and bankruptcy.
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney in Maryland or CPA.

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Robert McArtor is Harford County's Short Sale Realtor

Did you know that Properties facing foreclosure still have options in Maryland. The short sale is one of them your lender may want you to choose from. Real estate analysts predict that this year, lenders will be more likely to approve short sales due to legal issues, property maintenance costs and other challenges in the foreclosure process. A short sale will help you to avoid the stigma of a foreclosure on your credit report.

As a buyer, these short sale opportunities are at your fingertips when using one of our experienced Buyer’s Agents.  As a seller, how do you get started with a short sale?

You made the right choice with Harford County's TOP short sale realtor, Robert B. McArtor. An expert in the Short Sale and Foreclosure market, Robert of Maryland HOMES Team with RE/MAX Components will walk you through the process every step of the way. I challenge you that before you choose a real estate professional to help with your short sale, check out their success record.  We have a 96% success rate with getting bank approval and in most cases, getting the homeowner moving expenses credited to them at closing!. 

Our team of short sale specialists are trained in getting the process done with the least amount of problems.   The Best Short Sale Real Estate Agent in Harford and Baltimore County….. A short sale requires knowledge and experience. Short sale realtor Robert McArtor has both.

He has…. the right forms to complete for every step of the process
the deadlines necessary to complete a short sale anywhere in Maryland
how to ascertain the types of loans the lender will accept for the property
what types of offers are acceptable to the banks.

Finally, Robert B. McArtor understands short sales in Harford and Baltimore County. He can help whether you are buying or selling. From the initial consultation to the closing, He will provide the most professional service and the quickest turn-around you can find in the Harford County, Baltimore County short sales market.

Contact Robert McArtor of Maryland HOMES Team with RE/MAX Components today
443-392-4833 for help with any short sale real estate transaction in Harford County, Baltimore County or the surrounding areas.

Counties Served Baltimore County, Baltimore City, Cecil County, Harford County, Montgomery County, Anne Arundel County

Communities Served Aberdeen, Abingdon, Bel Air, Belcamp, Chase, Churchville, Darlington, Dundalk, Edgemere, Edgewood, Elkton, Essex, Fallston, Forest Hill, Havre de Grace, Jarrettsville, Joppa, Kingsville, Loch Raven, Middle River, North East, Nottingham, Overlea, Parkville, Perry Hall, Perryman, Perryville, Rising Sun, Riverside, Rosedale, Timonium, Towson, White Marsh, Rockville, Annapolis, Glen Burnie, Owings Mills, White Hall, Joppa Town, Pikesville, Long Green, Fort Howard, Hunt Valley

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ZILLOW Reviews
"Robert and his wife Maria did a great job selling my home. Robert stuck by me thru the months of having my home on the market. From the highs at the ... more "
by emil104th
"Words could not express how elated I feel with the services I have received from Mr. McArtor and family. I say family with sincerity because I was ... more "
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Robert B. McArtor - Agent at RE/MAX COMPONENTS
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What our clients are saying  

"Robert, thank you for meeting with my wife and I. Your professionalism was outstanding. Your presentation for your marketing plan was certainly impressive and we will be listing with you in the Spring. We are looking forward to working with you"


~ Michael S. P.

"Thank you Robert, you and your Buyer Agents helped us save $12,345.00 on the purchase of our home. We were going to use a Virginia Broker who was also licensed in Maryland. You and your agents actually live in Maryland and was much more aware of the market conditions and your negotiating skills were excellent. I would recommend you and your Buyer Agents to anyone looking for a Home in Maryland. Also, you were very accessible to us by phone and email."


~ L.Perry - Harford County

"We are looking forward to a successful Auction here in Baltimore. You booked our property today at 12 noon and just like you said, it is on your website less than 12 hours later. WOW, were we impressed. Your professionalism went a long way when deciding on using your services. We are looking forward to reaping the rewards of your marketing abilities."


~ Michael St. - Baltimore City Maryland

"Just as your ad stated, we saved not only $5,000....but just over $12,000 on our home purchase, thank you thank you thank you!"


~ M.K. - Jarrettsville Maryland

"Robert, you met with my husband and I this past weekend and just wanted to say thank you. We were very impressed and very informed about the Auction Method! Because of your advise on our situation with our home. We are looking forward to listing the property with you. Please let us know a good time to meet."


~ John C. - Baltimore County

"My home was listed for three weeks with your team. I knew the property needed work when you listed it but had NO idea the interest. In just three weeks we had 23 showings, over 900 views of the Visual Tour you did for me and you negotiated a FULL Price contract! I am looking forward to settlement.....there is nothing more I could have asked for from your team."


~ J.S. - Rosedale Maryland

TESTIMONY: "Our search began in January and in a matter of 2 weeks we found our dream home. Robert and his team worked with us with financing, moving, even helped us moved our refrigerator! Now the good part, Robert was able to help us negotiate a savings of $5,800! on the purchase of our home. We were so excited, I referred my friend at work. Thank you Robert for a job well done."


~ T.R. - Belcamp Maryland

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