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Not sure what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market. This may be caused by many causes, but most often is a result of a rapidly declining real estate market.
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.
First, figure out the true market value of your property. A knowledgeable real estate professional, like Sailing Home Realty, Corp., will be able to give you a realistic idea of what your house should possibly sell for based on a market analysis. Watch out for websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Need an honest idea of what your home is worth in today's market? Contact us today to find out how Sailing Home Realty, Corp. can help.
Next, don't forget about your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a dedicated department that handles short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.