Not sure what a short sale is? A short sale happens
when the value of a home is less than the amount of the outstanding loans.
This may be attributed to many causes, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, find out the true market value of your property.
A qualified REALTOR®, like those at Parks Jones Realty, will be able to give you a good idea of what your home should possibly sell for based on prior sales of similar houses in the neighborhood. Be careful of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When you're ready to get started, contact me through my site or e-mail me. I'm glad to address any questions you have about real estate short sales.
Next, find out your closing costs. The experienced agents at Parks Jones Realty will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and notify them of the situation. They may even have a specific team that manages short sales. Ask about their specific process. Some lenders will be more willing 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 give consent for the final sale.
Parks Jones Realty 4301 NW Cache Rd Lawton, OK 73505-3651
