Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans are greater than the amount for which the home could sell. This can be attributed to many reasons, 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 write off the difference.
What steps do I take in a short sale?
First, assess the true market value of your property. A knowledgeable real estate professional, like those at Keith Levine CA.DRE# 00646506 Real Estate Service, will be able to give you a reasonable idea of what your home will possibly sell for based on a market analysis. Be careful of websites where a computer estimates your home'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 today's market? Contact us today to find out how Keith Levine CA.DRE# 00646506 Real Estate Service can help.
Next, find out your closing costs. The experienced agents at Keith Levine CA.DRE# 00646506 Real Estate Service will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a special department that manages short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
