Don't know what a short sale is? A short sale is
when the value of a home is less than the amount of the outstanding loans.
Short sales are typically the result of values in a market rapidly declining.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, get an idea of the true market value of your property.
Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Litchfield Park real estate market is a sound way to get a reliable idea of what your home could sell for.
Litchfield Park homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Home Execs Realty to guide them through the short sale process. Contact us today for a free consultation.
Next, find out your closing costs. The knowledgeable agents at Home Execs Realty will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and let them know of your situation. They may even have a special team that oversees short sales. Ask about their particular procedures. 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 consent for the final sale.
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