Not sure what a short sale is? A short sale happens when you owe more than what the house will possibly sell for. This may be due to many factors, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
The process of a short sale:
First, figure out the true market value of your house. A good REALTOR®, like those at Mangrove Realty Exchange, Inc., will be able to give you a good idea of what your property should probably sell for based on a market analysis. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, determine your closing costs. The experienced REALTORS® at Mangrove Realty Exchange, Inc. will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and let them know of your situation. They may even have a specific team that handles short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.
