Are you ready to short sell your home?Not sure 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 situation is usually caused by values in an area rapidly declining.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How to do a short sale:First, find out the true market value of your property. An experienced real estate professional, like those at Schneider, Keaton & Co., will be able to give you a reasonable idea of what your house should probably sell for based on prior sales of similar houses in the neighborhood. 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.
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Next, be sure to figure in your closing costs. The qualified real estate professionals at Schneider, Keaton & Co. will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a dedicated team that handles short sales. Ask about their exact process. Some lenders will be more able 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 give consent for the final sale.