Don't know what a short sale is? A short sale occurs
when the value of a home is less than the amount of the outstanding loans.
This may be caused by many factors, but most commonly is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How to do a short sale:
First, assess the true market value of your home.
A good REALTOR®, like those at Heartland Realty of Hays, LLC, will be able to give you a realistic idea of what your home should possibly sell for based on a market analysis. Be cautious of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Hays homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Heartland Realty of Hays, LLC to guide them through the short sale process. Contact us today for a free consultation.
Next, estimate your closing costs. The knowledgeable real estate professionals at Heartland Realty of Hays, LLC will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and tell them of the situation. They may even have a specific department that deals with short sales. Ask about their particular 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 approve the final sale.
Heartland Realty of Hays, LLC 1502 Vine St Hays, KS 67601-3455
