What is a short sale? A short sale happens
when the amount of the outstanding loans are greater than the value of the home.
Short sales are usually the result of home prices in an area rapidly declining.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to forgive the difference.
How to do a short sale:
First, determine the true market value of your home.
A good real estate professional, like those at Lyon Real Estate, will be able to give you a realistic idea of what your house should likely sell for based on prior sales of similar houses in the neighborhood. Be careful of 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.
Need an honest idea of what your home's value today's market? Contact us today to find out how Lyon Real Estate can help.
Next, don't forget about your closing costs. The qualified real estate professionals at Lyon Real Estate will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and notify them of the situation. They may even have a specific department that deals with short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.
Lyon Real Estate 851 Pleasant Grove Blvd., #150 Roseville, CA 95678
