Don't know what a short sale is? A short sale is when the value of a home is less than what is owned. This could be attributed to many factors, but most often is a result of a rapidly declining housing market.
How do I proceed with a short sale? Short Sales may be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
First, figure out the true market value of your house. An experienced real estate professional, like Krutz Properties LLC, will be able to give you a reasonable idea of what your house will possibly sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, estimate your closing costs. Our work in this area has taught us to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and make them aware of the situation. They may even have a special department that handles short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
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