Need to short sell your home?What is a short sale? A short sale happens when the value of a home is less than what is owned. This may be due to many causes, but frequently is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?First, find out the true market value of your property. A qualified real estate professional, like those at MoveDowntownColumbus.com, will be able to give you a realistic idea of what your home should probably sell for based on a market analysis. Beware of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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Next, find out your closing costs. The knowledgeable agents at MoveDowntownColumbus.com will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and let them know of the situation. They may even have a special team that manages short sales. Ask about their specific procedures. Some lenders will be more willing 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.