Not sure what a short sale is? A short sale is
when the amount of the outstanding loans are greater than the amount for which the home could sell.
This can be caused by many reasons, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How do I proceed with a short sale?
First, assess the true market value of your house.
An experienced REALTOR®, like those at Divine Realty, will be able to give you a reasonable idea of what your house should possibly sell for based on a market analysis. 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.
Should you have any questions pertaining to real estate or the process of going through a short sale in Kennewick, Washington just contact me here or e-mail me.
Next, determine your closing costs. The qualified REALTORS® at Divine Realty will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, contact your lender and let them know of the situation. They may even have a dedicated department that handles short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
7105 West Hood Place Suite B201 Kennewick, WA 99336 Phone: Fax:
