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Are you ready to short sell your home? Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth. This could be attributed to many causes, but often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
The process of a short sale:First, determine the true market value of your property. An experienced real estate professional like me at Coldwell Banker Sea Coast Realty, will be able to give you a good idea of what your property should possibly sell for based on prior sales of similar houses in the neighborhood. Be cautious 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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When you're ready to get started, contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales. |
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Next, estimate your closing costs. As a knowledgeable REALTOR® at Coldwell Banker Sea Coast Realty, I will take into account fees including title report, appraisal, escrow, property taxes and agent commissions to calculate your final costs at closing. With your permission, we may get in touch with a Short Sale Attorney to speed up this process. The attorney fees incurred by the short sale process are usually taken care of by the lender at closing. The attorney acts on your behalf with the lender to talk to them about your situation. The lender usually has a particular team that manages short sales. Ask about their specific process. The attorney will work with the lender and may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
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Susan Tyson Scott, Broker / REALTOR
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