Need to short sell your home?Don't know what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This may be caused by many factors, but commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?First, determine the true market value of your house. For those whose finances are already strained, paying a licensed appraiser may not be feasible. Therefore, an experienced local Association of Real Estate Agents® that knows the current conditions of the Draper real estate market is the best way to get a realistic estimate of your home's worth.
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Next, determine your closing costs. The knowledgeable real estate professionals at RealtyPath Platinum Real Estate will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and make them aware of your situation. They may even have a special team that handles short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.
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