What is a short sale? A short sale is when the value of a home is less than what is owned. Short sales are usually the result of values in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What's involved in a short sale?
First, determine the true market value of your home. A good REALTOR® will be able to give you a good idea of what your home would possibly sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you are contemplating a short sale, you need a Real Estate professional who is qualified, certified and experienced in the short sale process. Simply contact me here or e-mail me.
Next, estimate your closing costs. With my experienced, I will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing and direct you regarding the documentation that your lender will require.
Finally, call your lender and make them aware of the situation. They will have a particular team that handles short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Regardless, I am committed to fight the good fight with you and for you! You don't have to face it alone! Your lender will have to approve the final sale.
