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Need to short sell your home?
Not sure what a short sale is? A short sale occurs
when you owe more than what the house will possibly fetch in the open market.
Short sales are usually the result of home prices in a market rapidly declining.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, assess the true market value of your property.
A good real estate professional, like those at Royal Highlander Real Estate Consultants, LLC, will be able to give you a realistic idea of what your property will likely sell for based on prior sales of similar houses in the neighborhood. Be cautious of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, determine your closing costs. The knowledgeable REALTORS® at Royal Highlander Real Estate Consultants, LLC will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a special department that manages short sales. Ask about their exact process. 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 approve the final sale.
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