What is a short sale? A short sale occurs when you owe more than what the house is worth. This could be caused by many factors, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
The process of a short sale:
First, find out the true market value of your home. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local real estate professional that knows the current conditions of the Burnsville real estate market is the best way to get a reliable idea of your home's value.
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Burnsville homeowners who are upside down on their mortgage and need results fast should turn to the expertise of Marshall & Koopman REAL ESTATE to guide them through the short sale process. Contact us today for a free consultation. |
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Next, calculate your closing costs. The qualified REALTORS® at Marshall & Koopman REAL ESTATE will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and tell them of the situation. They may even have a special team that deals with short sales. Ask about their particular steps. 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 agree to the final sale.
Call me today and I will work with you to navigate the process.
Constance Koopman
612-490-3861
SFR-Short Sale and Foreclosure Resource
