I just sold this 5 bedroom, 3.5 bath home at 703 Kersey Road in Kemp Mill, a subdivision in
Silver Spring, MD. It is a centrally located, newer built for the community -- according to MLS, in 1987. The home features a great master bedroom with a huge master bath, a main level bedroom with a dual entry full bath, 3 main level entertaining areas, main level laundry and a large lower level that has a private office.
As the title of this post says, the home was a short sale, which in layman's terms means that a seller is asking the lender(s) he or she has a mortgage with to forgive the balance between what the sales price is and the amount that the seller owes on the mortgage(s). This process can take a while. The short sale was approved a couple of months after we were under contract and that isn't bad. I have had properties under contract for months waiting for a short sale to be approved.
In addition to needing patience, among the things to think about if you are going to put an offer on a home that is a short sale are (1) the home is almost always sold as is---meaning a buyer can do a home inspection for informational purposes but shouldn't count on being able to negotiate inspection items with the seller; (2)have a good home inspector and contractors to come to the house before the contingency period is over to evaluate the concerns if any that the inspector raised: and (3) a lender who is good and experienced with short sales and can close a loan quickly after the short sale is approved, working through some unusual aspects in the transaction.
So delighted that we successfully settled on 703 Kersey Road, a location that my buyers have been eyeing for a long time, hoping that the right home would come up.
The phrase I use and is illustrated below is bagels and lot = a sold house.
Congrats to my buyers!
Life is good!
Office: (301)921-4500 - ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed