Don't know what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This could be due to many factors, but most commonly is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
The process of a short sale:
First, determine the true market value of your property. Since hiring a licensed appraiser may not fit your already tight budget, a knowledgeable local REALTOR® that knows the current conditions of the real estate market in Gilroy and Morgan Hill is a smart way to get an accurate idea of what your home could sell for.
Gilroy and Morgan Hill homeowners who are upside down on their home loan and need results fast should turn to the expertise of Joyce Norris, Realtor DRE 01708526 to guide them through the short sale process. Contact us today for a free consultation.
Next, calculate your closing costs. The qualified real estate professionals at Joyce Norris, Realtor DRE 01708526 will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender(s) and notify them of the situation. They may even have a dedicated department that handles short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender(s) will have to agree to the final sale and all conditions.
Exit Realty 25 W. 1st Street Morgan Hill, CA 95037
