For many Americans, economic uncertainties and unexpected situations make short sales a necessary procedure. When a homeowner’s financial state suddenly becomes uncertain or diminished they may have the option to sell the home for less than is due on the mortgage, giving all the money to the lender.
Talk to your real estate attorney, and a real estate agent to clarify your options during the event of a short sale. Finding the right agent is key to making a short sale a success. The right real estate agent will have experience short selling homes, and will be knowledgeable in all the regulations in your specific area, and will also be able to get the most money from your sale as possible. Determine the true value of your home, and ask your real estate broker for an estimate to be sure you’re getting the most value. Negotiating with the bank will also help you get the most money from your sale. Overall, make sure your home is in great condition to sell, and be honest and forthright with your real estate agent, and your mortgage lender to make your short sale a successful one.
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