Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is typically caused by values in an area rapidly declining.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
The process of a short sale:
First, determine the true market value of your property. A good REALTOR®, like those at Louisville Metro Realty, will be able to give you a reasonable idea of what your house would probably sell for based on prior sales of similar houses in the neighborhood. Watch out for 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.
When the time comes to sell your house, Louisville Metro Realty is ready. Take advantage of our experience and knowledge of the local real estate market in Louisville to sell your home quickly. Contact us today.
Next, determine your closing costs. The knowledgeable real estate agents at Louisville Metro Realty will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and notify them of your situation. They may even have a special team that manages short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.
