Whats involved in a short sale?

Ready to short sell your home?

What is a short sale? A short sale happens when you owe more than what the house will possibly fetch in the open market. Short sales are usually caused by values in a market rapidly deflating.

Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.

What’s involved in a short sale?

First, assess 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 Bartlett real estate market is a smart way to get a reliable idea of your home’s value.

When you’re ready to get started, contact me through my site or e-mail me. I’m glad to address questions you have regarding real estate short sales.    
Next, calculate your closing costs. The qualified real estate agents at Parade of Homes Inc will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.

Finally, call your lender and let them know of the situation. They may even have a dedicated department that manages short sales. Ask about their exact process. Some lenders will be more willing 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.

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About Big Daddy Guru

Real estate broker in Bartlett and the Chicago metro area. I've been helping people to buy and sell homes just like yours for over 30 years.
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