What is a short sale? A short sale occurs
when the amount of the outstanding loans are greater than the amount for which the home could sell.
Short sales are often the result of prices in a market 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 do I proceed with a short sale?
First, assess the true market value of your property.
Since hiring a licensed appraiser may not fit your already tight budget, an experienced local real estate professional that knows the current conditions of the Los Altos real estate market is a smart way to get an accurate estimate of what your home could sell for.
Los Altos homeowners who are upside down on their mortgage and need relief fast can rely on the expertise of Flexar Group to guide them through the short sale process. Contact us today for a free consultation.
Next, estimate your closing costs. The knowledgeable REALTORS® at Flexar Group will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, contact your lender and tell them of your situation. They may even have a dedicated team that oversees short sales. Ask about their exact procedures. Some lenders will be more able 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.