We recently handled a matter where a landlord passed away and the tenant was interested in purchasing the Baltimore County property from the personal representative of the landlord’s estate. We were engaged to prepare the contract for the tenant as a for sale by owner transaction. After the tenant’s lender received the appraisal it became clear the contract sales price was $30,000.00 higher than the value of the property. The problem here is that the sales price was dictated by the funds that were necessary to satisfy the landlord’s existing mortgage. What do we do here to salvage the transaction and get the buyer in the home?
Fortunately, the principal real estate attorney at Baltimore-based Heise & Heise, LLP is also an associate real estate broker with Douglas Realty. We were able to list the property for sale as a short sale, market it, and ultimately write a contract for the tenant. Through the firm, we handled the short sale for the landlord’s personal representative, negotiated a sales price that was $30,000.00 less than the original sales price and obtained a $5,400.00 credit for the tenant.
The landlord’s personal representative was able to benefit from a full waiver of deficiency and release of lien. For added convenience, we also introduced the tenant to a local Baltimore-based title company offering some of the best rates around and has a great deal of experience handling Baltimore short sale transactions.
All of the parties appreciated the convenience of such a streamlined process with all services offered through one central office. If you are experiencing a similar situation please call our team of Baltimore real estate attorney’s at (410) 394-9504 us so we can discuss how we can help and the services we provide.