Are you stressed out about mortgage payments?  Do you think your only option is a foreclosure?  Is a short sale right for you? 

Most people who need a short sale are usually upside down on their loan.  This means they owe the bank more money than the market value of their home.  The purpose of a short sale is to get your lender to allow you to quickly sell your home for less than its worth to prevent foreclosure.  Before you decide on a short sale:

• Get Educated.  Know your options when it comes to your home.  You might be considering bankruptcy or foreclosure; however, other options include deed in lieu of foreclosure and short sale. 
• Get Help from a Real Estate Agent experienced with Short Sales.  Your agent will assist you with all paperwork needed for the short sale.   Additionally, your agent will communicate and negotiate with the bank on your behalf.  You will never have out of pocket expenses since everything is paid by the lender.
• Get Started Now.  As of September 30, 2008, homes in Washington, DC; Montgomery County, MD; and Prince George's County, MD had an average days on the market between 107 and 120 days.  The longer you wait to get started, the less chance you have for success.  Time is of the essence.
• Don't worry about price. 
• Know the tax implications.  Talk to a qualified tax attorney or CPA.