What is a short sale? A short sale occurs when the amount of the outstanding loans are greater than the amount for which the home could sell. This situation is typically the result of prices in a market rapidly deflating.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
The process of a short sale:
First, figure out the true market value of your home. Since hiring a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate agent that knows the current conditions of the Roseville real estate market is a sound way to get a realistic idea of your home's worth.
Next, find out your closing costs. The qualified real estate professionals at Asset Vu Real Estate Brokerage will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and make them aware of the situation. They may even have a special team that oversees short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
Asset Vu, Inc., CA Dept of Real Estate Lic #01803537
915 Highland Pointe Dr, Suite 250, Roseville, CA 95678 Phone: (916) 784-0249 Email: Info@AssetVu.com
