Do you need to short sell your home?
Not sure what a short sale is? A short sale occurs
when the amount of the outstanding loans is greater than the amount for which the home could sell.
This situation is often caused by home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, determine the true market value of your house.
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 Dayton real estate market is the best way to get an accurate estimate of what your home could sell for.
Dayton homeowners who are upside down on their home loan and need results fast should turn to the expertise of Bill Lee & Associates, Inc. Realtors to guide them through the short sale process. Contact us today
for a free consultation.
Next, be sure to figure in your closing costs. Our work in this area has taught us to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a dedicated department that handles short sales. Ask about their particular procedures. Some lenders will be more inclined 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.