Ready to short sell your home? Not sure what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market. This may be attributed to many causes, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How do I proceed with a short sale? First, get an idea of the true market value of your home. If your finances are already stretched, paying a licensed appraiser may not be an option. Therefore, a qualified local real estate agent that knows the current conditions of the Colorado Springs real estate market is a sound way to get a reliable opinion of what your home could sell for.
| If you have any concerns about real estate or what happens during a short sale in Colorado Springs, Colorado you can contact me here or e-mail me.|
Next, determine your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and make them aware of the situation. They may even have a specific department 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 the amount owed or make other arrangements. Your lender will have to approve the final sale.
y be able to lessen the amount owed or make other arrangements. Your lender will have to approve the final sale.