Need to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be caused by many causes, but frequently is a result of a rapidly declining real estate market.
Short sales could 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, get an idea of the true market value of your home. A qualified REALTOR®, like Go! Real Estate, Inc., will be able to give you a realistic idea of what your house should likely sell for based on prior sales of similar houses in the area. 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.
If you have concerns regarding real estate or the process of going through a short sale in Bronx, New York you can contact me
here or e-mail me
Next, estimate your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a particular department that manages short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.