Is it time to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house will possibly sell for . Short sales are usually caused by home prices in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your property. Since paying for a licensed appraiser may not work with your already tight budget, a qualified local real estate agent that knows the current conditions of the Bucklin real estate market is a smart way to get an accurate estimate of your home's worth.
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Next, determine your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a particular department that oversees short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.