What is a short sale? A short sale occurs
when the value of a home is less than the amount of the outstanding loans.
This may be caused by many reasons, but often is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
The process of a short sale:
First, figure out the true market value of your home.
If your finances are already stretched, hiring a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Englewood real estate market is a sound way to get a reliable estimate of what your home could sell for.
When you're ready to get started, contact me through my site or e-mail me. I'm happy to address any questions you have regarding real estate short sales.
Next, don't forget about your closing costs. The qualified REALTORS® at Judy Fisher, REALTOR® will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and notify them of the situation. They may even have a dedicated department that manages short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
