Time to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This can be due to many causes, but commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. If your finances are already strained, paying a licensed appraiser may not be feasible. Therefore, an experienced local real estate agent that knows the current conditions of the Bucklin real estate market is the best way to get an accurate opinion of your home's worth.
Bucklin homeowners who are upside down on their mortgage and need results fast can rely on the expertise of Cossell Enterprises, Inc to guide them through the short sale process. Contact me today
for a free consultation.
Next, find out your closing costs. My experience means I know 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, contact your lender and tell them of your situation. They may even have a dedicated department that manages short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to approve the final sale.