Don't know what a short sale is? A short sale happens
when the value of a home is less than the amount of the outstanding loans.
This could be caused by many causes, but often is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, figure out the true market value of your home.
A qualified REALTOR®, like those at Paul C. Renwick, will be able to give you a reasonable idea of what your property should probably sell for based on prior sales of similar houses in the area. Be careful of websites where a computer estimates your property'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 Paul C. Renwick can help.
Next, be sure to figure in your closing costs. The knowledgeable real estate agents at Paul C. Renwick will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and notify them of the situation. They may even have a dedicated team that manages short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.
Keynote Realtors 4000 Roosevelt Blvd. Middletown, Oh 45044 