What is a short sale? A short sale is
when the value of a home is less than the amount of the outstanding loans.
This could be attributed to many causes, but most commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your house.
A good REALTOR®, like those at Jack McSweeney DRE#1027223 - RE/MAX Execs, will be able to give you a realistic idea of what your home would possibly sell for based on a market analysis. Be careful 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.
When you're ready to get started, contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.
Next, calculate your closing costs. The experienced agents at Jack McSweeney DRE#1027223 - RE/MAX Execs will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a specific department that handles short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
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