Do you need to short sell your home?Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be attributed to many causes, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
The process of a short sale:First, assess the true market value of your home. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, an experienced local real estate professional that knows the current conditions of the Montrose real estate market is a smart way to get a reliable idea of what your home could sell for.
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Next, calculate your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and tell them of your situation. They may even have a specific team that deals with short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.