Not sure what a short sale is? A short sale happens when the amount of the outstanding loans are greater than the value of the home. Short sales are often the result of values in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What steps do I take in a short sale?
First, determine the true market value of your house. An experienced real estate professional, like Amy Hodges at RE/MAX 200 Realty, will be able to give you a reasonable idea of what your home should probably sell for based on prior sales of similar houses in the neighborhood. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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To get top dollar for your distressed real estate in Winter Park, it takes the level of know-how and experience we posses to get to the closing table quickly. Contact Amy at RE/MAX 200 Realty today. |
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Next, I will help you with a list of information that your lender will require to qualify the short sale. These documents will be sent to the lender to assist in their evaluation. They may have a particular department that manages short sales. I will ask about their specific procedures. We will list your home for sale, and start working to find a buyer for your home. Once we have an offer, I will submit it to your lender, along with other information they request. Typically, all closing costs are paid by your lender. Some lenders are more willing to work with you then others. Your lender will have to give consent for the final sale. After their review and approval of the short sale, we can work toward a closing date.
