Don't know what a short sale is? A short sale happens
when you owe more than what the house will possibly sell for.
This can be attributed to many reasons, but frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How to do a short sale:
First, find out the true market value of your house.
A knowledgeable real estate professional, like those at Prudential Discover Real Estate, will be able to give you a realistic idea of what your home would probably 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.
When the time comes to sell your home, Prudential Discover Real Estate will help. Take advantage of our expertise and knowledge of the local real estate market in Rochester to sell your home quickly. Contact us today.
Next, find out your closing costs. The qualified real estate agents at Prudential Discover Real Estate will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated team that deals with short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.
Prudential Discover Real Estate 162 South Union St. Rochester, NY 14559