Not sure what a short sale is? A short sale occurs when you owe more than what the house is worth. Short sales are typically caused by home prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a Short Sale?
First, figure out the true market value of your home. A knowledgeable real estate professional, like those at Keller Williams Realty, will be able to give you a good idea of what your property would probably sell for based on prior sales of similar houses in the neighborhood. Beware of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
 |
 |
 |
To get top dollar for your distressed real estate in Virginia Beach and the surrounding Hampton Roads area, it takes the level of know-how and experience we posses to get to the closing table quickly. |
|
|
|
 |
Next, estimate your closing costs. The experienced real estate agents at Keller Williams will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and tell them of your situation. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.
