11/27/2019 by Heise & Co. 0 Comments
How a Commercial Property Short Sale Works in Maryland
Oftentimes real estate investors experiencing struggles with investment properties do not consider a short sale as an option and believe that their only way out is foreclosure. Fortunately, this is not the case for Maryland commercial real estate properties.
Maryland Commercial Investment Property Short Sale
Recently the founder of Heise & Co. assisted in the sale of a small portfolio of investment properties for a client The portfolio consisted of four properties that were located in Harford County, Baltimore County and Baltimore City. There were a total of seven outstanding mortgages on the properties and total loan balances exceeding $500,000.00.
After months of hard work by everyone involved, settlement on the final property in the portfolio occurred and we closed this matter for our client. In the final outcome the lenders received less than $250,000.00, half of what was owed, and our client obtained releases of liens and waivers of deficiencies on all loans. Of note is that this client is gainfully employed and draws a strong annual salary, showing that even the seemingly impossible transactions are possible with the right approach and consistent effort.
If you are a real estate investor and find yourself needing to sell your Maryland commercial property at a loss, a short sale may be your best option.
Give our Baltimore-based commercial and residential real estate brokerage a call at 410-276-1983 to see how we may be able to help.