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Time to short sell your home?
Don't know 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 usually caused by values in a market rapidly declining.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, figure out the true market value of your property. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Rancho Palos Verdes real estate market is a smart way to get a reliable opinion of what your home could sell for.
Rancho Palos Verdes homeowners who are upside down on their home loan and need results fast should turn to the expertise of Excel Funding Real Estate Services, Inc. to guide them through the short sale process. Contact me today
for a free consultation.
Next, find out your closing costs. My experience means I know to take into account 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 make them aware of your situation. They may even have a specific team that deals with short sales. Ask about their specific procedures. Some lenders will be more inclined 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.