Time 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 may be attributed to many factors, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, assess the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate professional that knows the current conditions of the Bronx real estate market is a sound way to get a realistic estimate of your home's value.
To get top dollar for your distressed real estate in Bronx, Contact Go! Real Estate, Inc. today
for a company with the experience and knowledge to get you to the closing table quickly.
Next, determine your closing costs. My work in this area means I know to take into account fees including 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 let them know of the situation. They may even have a particular department that oversees short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.