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Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be due to many causes, but most commonly is a result of a rapidly declining housing market. For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the difference.
What's involved in a short sale? First, get an idea of the true market value of your property. For those whose finances are already stretched, paying a licensed appraiser may not be an option. Therefore, an experienced local real estate agent that knows the current conditions of the the Outer Banks area real estate market is a sound way to get a realistic idea of what your home could sell for.
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Next, don't forget about your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and let them know of your situation. They may even have a particular department that deals with short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to approve the final sale.
SHORT SALE SELLER
Ken Baittinger: 3732 N. Croatan Hwy Kitty Hawk, NC 27949-9208
Phone: 252-305-5255 Fax: 252-255-1226 E-mail: firstname.lastname@example.org
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All rate, payment, and area information are estimates and approximations only.