Don't know what a short sale is? A short sale happens when the amount of the outstanding loans are greater than the amount for which the home could sell. This could be attributed to many factors, but frequently is a result of a rapidly declining housing 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, let's determine the true market value of your property. As an expert in the Fox Valley real estate market I will be able to give you a good idea of what your property should possibly sell for based on prior sales of similar houses in the area. Beware 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.
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St Charles homeowners who are upside down on their home loan and need results fast can rely on the expertise of Sanders & Company Real Estate Services to guide them through the short sale process. Contact us today for a free consultation. |
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Next, don't forget about your closing costs. We will need to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and notify them of your situation. They may even have a specific team that oversees short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.
