Don't know 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 attributed to many causes, but commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
First, determine the true market value of your house. If your finances are already stretched, hiring a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Little Chute real estate market is a smart way to get an accurate opinion of what your home could sell for.
|Little Chute homeowners who are upside down on their home loan and need relief fast can rely on the expertise of Hietpas Realty to guide them through the short sale process. Contact me today for a free consultation.|
Next, find out your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and tell them of the situation. They may even have a dedicated department that oversees short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to agree to the final sale.
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