What To Consider When Selling Your Property On A Short Sale
In case you want to sell your house but you find that you owe more on your mortgage compared to the current estimated market-value of your house, consider a short sale as the best solution. However, before considering a short sale, you should make sure you really want to sell your house or property because doing a short sale means you have to move out within 30 days or so of short sale approval. So, what exactly is a short sale?
What is a short sale?
A short sale is a process that allows you to sell your house fast in Los Angeles County or property for less than the amount currently owed on your mortgage so as to avoid a foreclosure. Your lender should also be willing to accept less than what is owed on the mortgage. It also requires negotiations between multiple parties hence it’s advisable to use a professional throughout the process. If you therefore decide to pursue a short sale, consider taking the following actions.
Long Beach CA Short Sale Experts MyHouseRE
* Find a Realtor
Before you choose selling your property on a short-sale and running out to hire the first short sale Realtor in Long Beach California you can find, it is advisable to do thorough research. This type of real estate transaction is too complicated to trust to a novice. With the complexity of paper-work and negotiations with so many parties, it is important you work with a long beach short sale Realtor because of their expertise. Remember that experience is a teacher that no classroom instruction or online short sale seminar can replace. Don’t make the mistake of choosing a Realtor to do your short sale simply because that Realtor has a flashy website or has taken a couple of short sale classes.
* Determine the amount owed on the property
You should consider all the debt and costs before determining whether a short sale is feasible. Consider also the delinquent loan, unpaid property taxes, home equity or other loans recorded against the property, past due association fees and the costs of a sale such as brokerage commissions, closing costs and escrow fees. If you have more than one loan on the property, your short sale will require the approval of all lenders.
* Determine the estimated fair market value of the home
It is advisable to consult with an expert in real estate or an appraiser for assistance when it comes to determining the estimated fair market-value of your long beach short sale homes or property. However, you should not consult with one real estate professional but with several of them so as to reach to a good decision. It is also your duty to prove to the lender that the home is worth less than the unpaid loan balance. This sometimes may need the help from a Realtor or an agent because it is not that easy as it may seem.
* Consult with long beach short-sale agents
If you’re thinking about short-sales, it is essential you keep some things in mind; it’s a tiresome transaction process that can cause a lot of harm if not done by the right person. This is the reason the choice of your short-sale real agents may be the single most important thing determining whether the procedure is successful. The task is not something to be under-taken by just any agent out there. Long beach short sale agents are very trusted since they have been in the real estate market for many years. They have closed many short sales over the past years compared to other agents.
* Consult legal counsel
It is recommended to consult a legal counsel when making a short sale. Most people ignore the importance of consulting a legal counsel not knowing it has a lot of benefits. The importance of a competent legal counsel is to help you determine whether a short sale is really the best option and to advise you during the short-sale process.
In summary, short sales involve significant risk to both sellers and buyers. Sellers may face many financial issues before, during and after the closing. The buyers should understand that not all short sales are bargains, that short sales generally are not short transactions, and just because the parties have signed a contract does not mean that the buyer will get the house. That is why it is very important to contact long beach California for short sale advice.
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