Ready to short sell your home?
What is a short sale? A short sale happens 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 frequently is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, get an idea of the true market value of your property. Since paying for a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the Milwaukee real estate market is the best way to get a reliable opinion of what your home could sell for.
To get top dollar for your distressed real estate in Milwaukee, it takes the level of know-how and experience we posses to get to the closing table quickly.
Contact Homestead Realty, Inc. today.
Next, find out your closing costs. My experience has taught me to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated department that manages short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give approval for the final sale.