What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This may be due to many reasons, but frequently is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
First, assess the true market value of your house. For those whose finances are already strained, paying a licensed appraiser may not be feasible. Therefore, a qualified local real estate professional that knows the current conditions of the Stanchfield real estate market is a sound way to get an accurate idea of your home's value.
Next, estimate your closing costs. My work in this area has taught me to take into account 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 notify them of your situation. They may even have a particular team that manages short sales. Ask about their particular steps. Some lenders will be more willing 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.
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