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Need to short sell your home? What is a short sale? A short sale occurs when you owe more than what the house is worth. This may be due to many causes, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What's involved in a short sale?First, figure out the true market value of your house. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the Hicksville real estate market is a smart way to get a realistic opinion of what your home could sell for.
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Need real estate advice? Contact us today to find out how Donovan Brothers Realty Inc. can help. |
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Next, be sure to figure in your closing costs. The knowledgeable real estate agents at Donovan Brothers Realty Inc. will consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and let them know of the situation. They may even have a dedicated team that oversees short sales. Ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
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