Don't know what a short sale is? A short sale occurs
when the amount of the outstanding loans are greater than the value of the home.
This can be attributed to many reasons, but most commonly is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, find out the true market value of your home.
A good REALTOR®, like those at James J. Chou, Re/Max 2000 Realty, will be able to give you a reasonable idea of what your home will probably sell for based on a market analysis. Beware of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When you're ready to get started, contact me through my site or e-mail me. I'm happy to answer any questions you have about real estate short sales.
Next, don't forget about your closing costs. The knowledgeable agents at James J. Chou, Re/Max 2000 Realty will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a particular team that oversees short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
James J. Chou, Re/Max 2000 Realty 17843 Colima Road Rowland Heights, CA 91748
