Need to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house is worth . Short sales are usually the result of home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, figure out the true market value of your home. For those whose finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, an experienced local real estate professional that knows the current conditions of the Virginia Beach real estate market is a smart way to get a reliable estimate of what your home could sell for.
Virginia Beach homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Rose & Womble Realty to guide them through the short sale process. Contact me today
for a free consultation.
Next, determine your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a particular team that deals with short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
Looking to Sell?
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