Ready to short sell your home?
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 can be due to many causes, but commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, assess the true market value of your house. If your finances are already pushed to the limit, hiring a licensed appraiser may not be an option. Therefore, a qualified local real estate professional that knows the current conditions of the Woodbury real estate market is the best way to get an accurate opinion of your home's value.
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Next, find out your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and make them aware of your situation. They may even have a specific team that deals with short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.