Don't know what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This can be attributed to many factors, but most commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
The process of a short sale:
First, get an idea of the true market value of your property. Since hiring a licensed appraiser may not fit your already tight budget, an experienced local REALTOR® that knows the current conditions of the Meriden real estate market is the best way to get an accurate idea of what your home could sell for.
Meriden homeowners who are upside down on their home loan and need relief fast can rely on the expertise of Coriano Realty, LLC to guide them through the short sale process. Contact us today for a free consultation.
Next, estimate your closing costs. The qualified agents at Coriano Realty, LLC will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that handles short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
