Not sure what a short sale is? A short sale occurs
when the value of a home is less than the amount of the outstanding loans.
This could be caused by many factors, but frequently is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
How to do a short sale:
First, determine the true market value of your home.
For those whose finances are already strained, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Redlands real estate market is the best way to get an accurate opinion of what your home could sell for.
When the time comes to sell your property, LDKA Group, LLC (dba: Orangehill Realty) is ready. Use our experience and knowledge of the local real estate market in Redlands to sell your home quickly. Contact us today.
Next, estimate your closing costs. The qualified real estate agents at LDKA Group, LLC (dba: Orangehill Realty) will consider 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 specific team that deals with short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
