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Do you need to short sell your home?
What is a short sale? A short sale is
when the value of a home is less than the amount of the outstanding loans.
This situation is often the result of home prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, assess the true market value of your house.
A knowledgeable REALTOR®, like those at 1ST CHOICE REALTY, will be able to give you a realistic idea of what your house will possibly sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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When the time comes to sell your home, 1ST CHOICE REALTY is ready. Take advantage of our experience and knowledge of the local real estate market in Greenville to sell your home quickly. Contact us today.
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Next, determine your closing costs. The knowledgeable agents at 1ST CHOICE 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 notify them of the situation. They may even have a dedicated department that oversees short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.
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1st CHOICE REALTY
105 W. Harris Ave.
Greenville, IL 62246
Phone: 618-664-7355
Fax: 618-664-4819
Email: josussenbach@sbcglobal.net
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