Need to short sell your home?Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans are greater than the value of the home. This situation is typically caused by home values in an area rapidly deflating.
Short sales may be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?First, find out the true market value of your house. A qualified real estate professional, like those at EXCEL REALTY, will be able to give you a reasonable idea of what your house would possibly sell for based on a market analysis. Beware of 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.
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Next, be sure to figure in your closing costs. The knowledgeable REALTORS® at EXCEL REALTY will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a special team that handles short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.