Do you need to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is usually the result of values in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
The process of a short sale...
First, get an idea of the true market value of your house. If your finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Bucklin real estate market is a smart way to get an accurate opinion of what your home could sell for.
Need an honest idea of what your home is worth in today's market? Contact me today
to find out how Cossell Enterprises, Inc can help.
Next, don't forget about your closing costs. My experience has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate 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 specific department that deals with short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to approve the final sale.