Ready to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be due to many reasons, but frequently is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, assess the true market value of your property. A good real estate professional, like SBR Realty LLC, will be able to give you a realistic idea of what your property would possibly sell for based on a market analysis. Watch out for 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.
Should you have questions pertaining to real estate or the process of going through a short sale in Ewing, New Jersey you can contact me
here or e-mail me
Next, find out your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and make them aware of your situation. They may even have a particular department that oversees short sales. Ask about their specific procedures. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.