Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. Short sales are often the result of prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
The process of a short sale:
First, get an idea of the true market value of your home. A good REALTOR®, like Michael and Sheri Bailey, will be able to give you a good idea of what your property will probably sell for based on prior sales of similar houses in the neighborhood. Be careful 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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Homeowners who are upside down on their home loan and need results fast should turn to the expertise of Michael and Sheri Bailey to guide them through the short sale process. Contact us today for a free consultation. |
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Next, understand all of your options. This is where consulting with Mike & Sheri, your legal advisor and your CPA is invaluable. It may be possible for you to short sale the property without any out of pocket expense.
Finally, put the property on the market with Mike & Sheri so they may get in touch with your lender and notify them of your situation. Your lender may even have a particular team that deals with short sales so that we can get their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.
