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Ready to short sell your home?
Not sure what a short sale is? A short sale happens
when you owe more than what the house is worth.
This may be due to many reasons, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to preclude 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.
Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Bayside real estate market is a sound way to get an accurate estimate of what your home could sell for.
Next, estimate your closing costs. The knowledgeable real estate agents at REMAX UNIVERSAL REAL ESTATE will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a particular department that handles short sales. Ask about their exact procedures. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.
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