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Short Sale Seller

house_mortgage_underwater_life_preserver_304Do You Need To “Short Sell” your House?

Are you behind on payments?

Have you been told you are “upside down” on your mortgage?

What is a short sale? A short sale may happen when the value of a home is less than the amount of the outstanding loans. This frequently is a result of the declining housing market we have all experienced over the past few years.

For most homeowners, a short sale is preferred to foreclosure or bankruptcy as they can negotiate with the lender to forgive the remainder of the loan.

What’s involved in a short sale?

First, we can help you figure out the true market value of your house. A knowledgeable REALTOR® at Crossland Real Estate will give you a reasonable idea of what your house would likely sell for based on sales of similar houses in the neighborhood. Websites where a computer estimates your house’s market value may not have complete information or know important details like neighborhood trends and current listings. It’s best to rely on your Realtor® for accurate information for pricing and market strategy.

Next, estimate your closing costs. The qualified REALTORS® at Crossland Real Estate will take into account fees like title report, appraisal, escrow, property taxes, and Realtor® commissions to estimate your final costs at closing.

Finally, call your lender and tell them of the situation. They typically have a specific department that manages short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.

 

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