Need to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house will possibly fetch in the open market . This can be due to many causes, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
The process of a short sale...
First, determine the true market value of your property. A qualified real estate professional, like Cossell Enterprises, Inc, will be able to give you a good idea of what your property should likely sell for based on prior sales of similar houses in the area. Be careful of 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.
Bucklin homeowners who are upside down on their mortgage and need results fast can rely on the expertise of Cossell Enterprises, Inc to guide them through the short sale process. Contact me today
for a free consultation.
Next, be sure to figure in your closing costs. My experience means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and let them know of your situation. They may even have a particular team that deals with short sales. Ask about their specific process. Some lenders will be more inclined 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.