What is a short sale? A short sale occurs
when the amount of the outstanding loans are greater than the value of the home.
This situation is often caused by values in a market rapidly deflating.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, assess the true market value of your property.
For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, a qualified local real estate agent that knows the current conditions of the Strongsville real estate market is the best way to get an accurate estimate of your home's worth.
Should you have concerns pertaining to real estate or what happens during a short sale in Strongsville, Ohio you can contact me here or e-mail me.
Next, be sure to figure in your closing costs. The knowledgeable real estate agents at Coldwell Banker Hunter Realty will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that deals with short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.
Coldwell Banker Hunter Realty 15380 Pearl Road Strongsville, Ohio 44136
