A short sale occurs when a seller owes more than what their house is worth. This can be caused by many reasons, but often is a result of a rapidly declining housing market. It is often possible to have your lender approve you selling your home for less than you owe. Depending on your circumstances and the current laws, it is often possible to get the balance of your loan forgiven. Short sales could be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale? Is it Time to short sell your home?
First, have your WHY USA Professional determine the true market value of your home. If your finances are already pushed to the limit, paying a licensed appraiser may not be feasible. Therefore, an experienced WHY USA real estate agent that knows the current conditions of the Cedar Rapids real estate market is the best way to get a realistic idea of your home’s value.
When the time comes to sell your house, the professionals at WHY USA Eastern Iowa Realty are here to help. Use our expertise and knowledge of the local real estate market in Cedar Rapids to sell your home quickly.
Next, be sure to figure in your closing costs. Our work in this area has taught us to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, we will assist you in contacting your lender and make them aware of your situation. They may even have a special team that oversees short sales. We will ask about their particular process. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
Are you a Buyer looking for a great deal on a home?
If you are a buyer, a short sale can often be a good deal for you. Often a home can be purchased for 90%, 80% and sometimes even less of it’s actual value. Please remember, a seller must have the sale short sale approved by their lender. A short sale can take a lot of time, often 3-6 months, sometimes even longer. Our experienced agents have the tools and knowledge to help expedite the process for you.