Don't know what a short sale is? A short sale occurs
when the amount of the outstanding loans are greater than the value of the home.
This could be caused by many factors, but commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can get the lender to forgive the difference.
The process of a short sale:
First, determine the true market value of your house.
Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate agent that knows the current conditions of the North Reading real estate market is the best way to get an accurate idea of your home's worth.
To get top dollar for your distressed real estate in North Reading, it takes the level of know-how and experience we posses to get to the closing table quickly. Contact Fitzgerald & Associates Real Estate today.
Next, determine your closing costs. The qualified real estate agents at Fitzgerald & Associates Real Estate will take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a particular team that deals with short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.
Fitzgerald & Associates Real Estate 20 Main St North Reading, MA 01864-5007