What is a short sale? A short sale is
when the value of a home is less than what is owned.
Short sales are typically the result of prices in an area rapidly deflating.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
The process of a short sale:
First, assess the true market value of your house.
If your finances are already pushed to the limit, paying a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Moneta real estate market is a smart way to get a realistic idea of what your home could sell for.
To get top dollar for your distressed real estate in Moneta, it takes the level of know-how and experience we posses to get to the closing table quickly. Contact Long & Foster Realtors today.
Next, be sure to figure in your closing costs. The knowledgeable real estate agents at Long & Foster Realtors will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and make them aware of your situation. They may even have a particular department 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 reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.
