Not sure what a short sale is? A short sale happens when the value of a home is less than what is owned. This situation is usually caused by prices in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, find out the true market value of your home. A good REALTOR®, like those at Linkpin Realty, will be able to give you a reasonable idea of what your home will probably sell for based on a market analysis. 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.
San Diego County homeowners who are upside down on their mortgage and need results fast can rely on the expertise of Linkpin Realty to guide them through the short sale process. Contact us today for a free consultation.
Next, estimate your closing costs. The experienced real estate professionals at Linkpin Realty will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and let them know of your situation, we can help with this. They may even have a dedicated department that manages short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
California DRE # 01873081
Linkpin Realty 1279 West Main Street Ste 201 El Cajon, CA 92020
