Ritz Carlton, Washington DC

Short sales occur in all neighborhoods. You can find them for under $100,000 to well over $5,000,000. Even the famous Ritz Carlton in Washington DC has experienced short sales. Homes from Bethesda MD, Potomac MD and high end communities throughout the Washington DC Metro area are experiencing short sales and foreclosures.

In today’s tough market ordinary homeowners are finding themselves stuck with ballooning and unaffordable mortgages. Facing a buyer’s market and an upside down mortgage, many homeowners turn to short sales, even in the luxury real estate market.

A short sale (pre-foreclosure) is a real estate transaction that nets less than the amount of debt owed on a property. In other words, an owner sells his/her home for less than the mortgage they owe on it.

Why would someone consider a short sale?

1.    Will or have already fallen behind on mortgage payments
2.    They are facing foreclosure.
3.    Divorce or death of a spouse.
4.    Sudden disability
5.    Immediate and pressing need to relocate.

Marc Cormier, a Realtor with The Tania Ivey Real Estate Team and owner of www.help34.com closes more short sales in an average month than most realtors have done in their entire career. Mr. Cormier closed 3 short sales in a 2 week period in June 2008 alone, . Cormier offers the following advice for those considering a short sale. More on Luxury Real Estate seeing short sales and foreclosures in Washington D.C.