Not sure what a short sale is? A short sale is when you owe more than what the house will possibly sell for. This situation is typically the result of home values in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, figure out the true market value of your house. Since hiring a licensed appraiser may not fit your already tight budget, a qualified local real estate professional that knows the current conditions of the Baldwin real estate market is a sound way to get an accurate opinion of your home's value.
Baldwin homeowners who are upside down on their home loan and need results fast should turn to the expertise of Sailing Home Realty, Corp. to guide them through the short sale process. Contact us today for a free consultation.
Next, calculate your closing costs. The knowledgeable agents at Sailing Home Realty, Corp. will account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally 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 particular team that handles short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.
Sailing Home Realty, Corp. 1025 Atlantic Ave Baldwin, NY 11510-4247