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Is it time to short sell your home?
Not sure what a short sale is? A short sale happens
when you owe more than what the house is worth.
Short sales are typically the result of values in an area rapidly deflating.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, figure out the true market value of your home.
If your finances are already strained, engaging a licensed appraiser may not be an option. Therefore, a qualified local REALTOR® that knows the current conditions of the Montrose real estate market is a sound way to get an accurate opinion of what your home could sell for.
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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.
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Next, estimate your closing costs. The qualified agents at Western Colorado Real Estate, LLC will take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a specific team that manages short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.
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