What is a short sale? A short sale occurs when the amount of the outstanding loans are greater than the amount for which the home could sell. This may be attributed to many reasons, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What's involved in a short sale?
First, figure out the true market value of your home. A qualified REALTOR®, like those at Rosendal-Smith-Pardo International Realty, LLC, will be able to give you a realistic idea of what your home will possibly sell for based on prior sales of similar houses in the area. Watch out for 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, find out your closing costs. The qualified real estate agents at Rosendal-Smith-Pardo International Realty, LLC will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and tell them of your situation. They may even have a dedicated department that manages short sales. Ask about their particular process. 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 agree to the final sale.
Rosendal-Smith-Pardo International Realty, LLC may List, Offer, Consult or recommend a professional who assists with Short Sale properties. To our current and potential clients and customers we make the following notice. IMPORTANT NOTICE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us according to any listing agreement and/or consultation service agreement. If you stop paying your mortgage, you could loose your home and damage your credit rating. (16 C.F.R. € 322.4(b))