Is it time 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. Short sales are typically the result of values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What's involved in a short sale?
First, figure out the true market value of your home. If your finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Bucklin real estate market is a sound way to get a reliable idea of your home's value.
When it's time to sell your property, Cossell Enterprises, Inc will help. Take advantage of my experience and knowledge of the local real estate market in Bucklin to sell your home quickly. Contact us today
Next, determine your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and tell them of your situation. They may even have a special department that handles short sales. Ask about their specific procedures. Some lenders will be more inclined 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.