Not sure what a short sale is? A short sale happens when the amount of the outstanding loans are greater than the amount for which the home could sell. Short sales are typically caused by prices in a market rapidly declining.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, determine the true market value of your home. For those whose finances are already stretched, paying a licensed appraiser may not be an option. Therefore, a qualified local real estate professional that knows the current conditions of the Bellevue real estate market is the best way to get an accurate idea of your home’s value.
Next, find out your closing costs. The knowledgeable Real Estate Brokers at Prospera Real Estate will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and let them know of your situation. They may even have a particular team that manages short sales. Ask about their specific process. 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 approve the final sale.
When it’s time to sell your property, Aaron J. Rosen can help. Use our experience and knowledge of the local real estate market in Bellevue to sell your home quickly.