Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is usually caused by values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What steps do I take in a short sale?
First, assess the true market value of your house. A qualified REALTOR®, like those at Remax Elite Realty, will be able to give you a reasonable idea of what your home would probably sell for based on prior sales of similar houses in the area. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Need real estate advice? Contact us today to find out how Remax Elite Realty can help.
Next, estimate your closing costs. The knowledgeable agents at Remax Elite Realty will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and let them know of the situation. They may even have a special department that manages short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
* MOL = More or Less
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