Don't know what a short sale is? A short sale is when you owe more than what the house will possibly sell for. Short sales are often the result of home prices in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How to do a short sale:
First, get an idea of the true market value of your home. An experienced real estate professional, like those at RE/MAX Main Line, will be able to give you a good idea of what your house will possibly sell for based on prior sales of similar houses in the area. Watch out for websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Need an honest idea of what your home is worth in today's market? Contact us today to find out how RE/MAX Main Line can help.
Next, estimate your closing costs. The qualified real estate agents at RE/MAX Main Line will consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and let them know of the situation. They may even have a special team that oversees short sales. Ask about their specific procedures. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.
* MOL = More or Less
RE/MAX Main Line 1646 West Chester Pike Suite 2 West Chester, PA 19382
