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Ready to short sell your home? What is a short sale? A short sale occurs when the value of a home is less than what is owned. Short sales are typically the result of prices in an area rapidly deflating.
Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?First, determine the true market value of your house. Since paying for a licensed appraiser may not fit your already tight budget, an experienced local real estate agent that knows the current conditions of the Laguna Niguel real estate market is the best way to get a realistic estimate of your home's value.
Next, calculate your closing costs. The experienced real estate professionals at Lori Bitterman & Associates will 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 notify them of your situation. They may even have a particular department that manages short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to approve the final sale.
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