Don't know what a short sale is? A short sale is
when the amount of the outstanding loans are greater than the amount for which the home could sell.
Short sales are usually caused by home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How to do a short sale:
First, determine the true market value of your house.
A qualified real estate professional, like Cory Kingbay at RE/MAX Results, will be able to give you a good idea of what your home would possibly sell for based on prior sales of similar houses in the neighborhood. Watch out for 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.
When you're ready to get started, contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. The qualified real estate agent; Cory Kingbay at RE/MAX Results will account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a specific department that deals with short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.
RE/MAX Results 604 Bielenberg Drive Suite 100 Woodbury, MN 55129
