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Time to short sell your home?
What is a short sale? A short sale is
when the amount of the outstanding loans are greater than the amount for which the home could sell.
This could be caused by many factors, but frequently is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your property.
A qualified real estate professional, like those at Go! Real Estate, Inc., will be able to give you a reasonable idea of what your house should possibly sell for based on prior sales of similar houses in the area. Watch out for 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.
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Bronx homeowners who are upside down on their home loan and need results fast can rely on the expertise of Go! Real Estate, Inc. to guide them through the short sale process. Contact us today for a free consultation.
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Next, find out your closing costs. The experienced real estate professionals at Go! Real Estate, Inc. will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a specific department that manages short sales. Ask about their exact procedures. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
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