Ready to short sell your home?
What is a short sale? A short sale is when the value of a home is less than what is owned. This may be caused by many factors, but most 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.
How do I proceed with a short sale?
First, figure out the true market value of your property. A good REALTOR®, like Cossell Enterprises, Inc, will be able to give you a realistic idea of what your property should possibly sell for based on prior sales of similar houses in the area. Beware 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.
To get top dollar for your distressed real estate in Bucklin, it takes the level of know-how and experience we posses to get to the closing table quickly. Contact Cossell Enterprises, Inc today
Next, calculate your closing costs. My experience means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and tell them of your situation. They may even have a dedicated department that manages short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.