Don't know what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This can 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 get the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market-value of your property. If your finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate agent that knows the current conditions of the real estate market is the best way to get a realistic idea of what your home could sell for or contact me to give a market-value or a BPO (Broker Price Opinion) of your property.
When you're ready to get started, contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. The knowledgeable REALTORS® at MarThel Real Estate, will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, you or my team will contact your lender and notify them of your situation. They may even have a specific depatment that handles short sales. We will ask about their exact short-sale steps. Some lenders will be more inclined 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 approve the final sale.
MarThel Real Estate PO Box 2248 West Covina, CA 91793
