What is my home worth?
Request a CMA (Current Market Analysis) on your home. That is a report offering information on other homes that have sold and are currently active in the market for your area. Your realtor can advise you of a reasonable selling price and all your legal responsibilities as a Seller.
What is a Short Sale?
In these economic times, some borrowers may not be able to fulfill their mortgage obligations. When a borrower is no longer in a position to make the mortgage payments, is facing foreclosure and the current market value of the property--including escrow costs--is less than the loan on the property, the borrower may consider a short sale. This could save the lender the expenses of foreclosure proceedings and from having another REO property on its books. From the borrower's perspective, the short sale prevents having the foreclosure on the borrower's credit history, and releases the borrower from an obligation that he or she can no longer afford.
In essence, a short sale is a sale transaction subject to a lender's approval in which the lender consents to a sale of the security interest for less than what is owed on the note and accepts the proceeds in full satisfaction of the loan amount. A short sale requires much paperwork and preparation on behalf of the borrower. Typically, before applying for a short sale, the seller must have a ready buyer and all the paper work prepared to present to the lender. The buyer of the property must also be prepared for a protracted time period to conclude the purchase of the property.
Short Sales are a long process but are becoming more and more popular among Buyers and Sellers. For further information regarding your specific situation, please contact me for a free, personal and confidential consultation. Always, consult with a real estate attorney and/or tax consultant before entering the short sale process.
Additional Short Sale Information
These are just a few of the larger bank websites with individual short sale information for their clients. I can assist you in navigating through your banks requirements for a successful short sale negotiation.
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