Not sure what a short sale is? A short sale is when you owe more than what the house will possibly sell for. Short sales are typically caused by prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, assess the true market value of your home. A knowledgeable REALTOR®, like those at Domain Realty, will be able to give you a reasonable idea of what your property should likely sell for based on prior sales of similar houses in the neighborhood. Beware of 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.
Brigantine homeowners who are upside down on their mortgage and need relief fast can rely on the expertise of Domain Realty to guide them through the short sale process. Contact us today for a free consultation.
Next, determine your closing costs. The qualified agents at Domain Realty will consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a special team that manages short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to agree to the final sale.
Domain Realty 1001 W. Brigantine Ave Brigantine, NJ 08203-1064
