Jan
08

Short Sale Services – How to Do a Short Sale

By
Randolph Rempe
asked:

The home mortgage crisis is affecting people all over the world. Every day, families are losing their homes due to defaults or foreclosures. Many times, families do not know what other choice they have other than foreclosure. It seems like the only option is to let the bank take back the house, as the payment is just too much to handle, especially in these times when the economic conditions are stormy and dangerous. Short sale services are only a step away, continue forward with this article:

Although, foreclosure may seem like the best choice, however, there could be a better option if you are getting suffocated under the loan(s) due to the ownership of your house.

If you do wish to foreclose on your home, then a short sale might be the right option for you. Basically, a short sale is when the outstanding obligations of loans against a property are larger than what the property can be sold for. If you choose to do a short sale, this is the way to save yourself from having to foreclose and be able to pay off the loan by settling with your lender(s). This article will show you how you should go about doing a short sale.

Get the value of your house assessed: If you decide to go through a real estate agent, then your agent will provide you with an estimate of what your property is worth. However, if you opt to sell on your own, you will have to do research on the market value of the area where you live and of your property.

Consider the costs involved: If you have an agent, they will provide you with an estimate of how much it will cost you to close. If you are selling your property yourself, you will need to call a local title company or a real estate attorney and ask what it will cost you as a seller to close.

Confirm the dues that you owe: This is the amount that is due against the property, which is the total of all loans against your home.

Do the math’s: Subtract the total amount of what you owe against your property from the estimated proceeds of the sale. Do not be alarmed if you get a negative number.

Get in touch with your lenders: Speak to a representative in customer service and explain your situation. They may transfer you to a particular department. If it is possible then ask to speak to a manager; they will have more authority and will be able to help you better.

Inquire about the formalities required to be done for a short sale. Some lenders will be more than happy to work with you by reducing the amount that you owe. Then there are others who will look into the agent that is involved(if one) and any other parties that stand to gain anything from the sale of the house and decide if they are willing to make any concessions to make the deal happen. However, there will be lenders that will tell you that your debt is your responsibility.

Short Sales

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