Ready to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is usually caused by values in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale?
First, assess the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Bucklin real estate market is a smart way to get a reliable idea of what your home could sell for.
Bucklin homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Cossell Enterprises, Inc to guide them through the short sale process. Contact me today
for a free consultation.
Next, determine your closing costs. My work in this area has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and notify them of the situation. They may even have a particular team that manages short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.