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Are you ready 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 what is owned. This situation is usually caused by prices in a market rapidly declining.
Short sales may be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, assess the true market value of your house. A good real estate professional, like Excel Funding Real Estate Services, Inc., will be able to give you a realistic idea of what your property will probably sell for based on prior sales of similar houses in the area. Be cautious of 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.
When you're ready to sell your home, Excel Funding Real Estate Services, Inc. can help. Use my expertise and knowledge of the local real estate market in Rancho Palos Verdes to sell your home quickly. Contact us today
Next, determine your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and notify them of the situation. They may even have a particular team that manages 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 how much you owe or make other arrangements. Your lender will have to give consent for the final sale.