Not sure what a short sale is? A short sale is when you owe more than what the house is worth. This may be attributed to many causes, but commonly is a result of a rapidly declining housing market. For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
First, assess the true market value of your home. An experienced REALTOR®, like those at G World Properties, will be able to give you a good idea of what your house should likely sell for based on a market analysis. Be cautious 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.
Next, calculate your closing costs. The qualified REALTORS® at G World Properties will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a special department that oversees 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 give approval for the final sale.