Don't know what a short sale is? A short sale happens when the value of a home is less than what is owned. Short sales are usually caused by values in an area rapidly declining.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?First, figure out the true market value of your property. If your finances are already strained, paying a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Lake County real estate market is a smart way to get a reliable opinion of what your home could sell for.
Next, estimate your closing costs. The experienced real estate professionals at Vangie Berry Signature Realty will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a specific department that handles short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.