Don't know what a short sale is? A short sale occurs
when you owe more than what the house will possibly sell for.
This can be caused by many reasons, but most often is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your home.
A knowledgeable REALTOR®, like those at RE/MAX Results, will be able to give you a good idea of what your property will possibly sell for based on prior sales of similar houses in the area. Be careful 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.
Should you have questions about real estate or the process of going through a short sale in Eden Prairie, Minnesota simply contact me here or e-mail me.
Next, be sure to figure in your closing costs. The knowledgeable real estate professionals at RE/MAX Results will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, call your lender and notify them of the situation. They may even have a dedicated team that deals with short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.
