Need to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house will possibly sell for . This may be caused by many factors, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, determine the true market value of your house. A good REALTOR®, like Charles Burt Homefolks, will be able to give you a realistic idea of what your house would likely sell for based on a market analysis. Beware 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.
Should you have any concerns pertaining to real estate or what happens during a short sale in Carthage, Missouri just contact me
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Next, determine your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and tell them of the situation. They may even have a particular department that oversees short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.