Are you thinking about a short sell?What is a short sale? A short sale happens when the value of a property is less than what is owned. Short sales are often the result of prices in a market rapidly deflating.
Short sales can be a way for property owners to avert foreclosure and get out from under their loan with the lender by settling.
The process of a short sale:First, determine the true market value of your house or commercial property. A knowledgeable REALTOR®, with decades of experience, will be able to give you a realistic idea of what your real estate would possibly sell for based on prior sales of similar properties in the area. Be cautious of websites where a computer estimates your market value since they may not have complete information or know important things like neighborhood trends and current listings.
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It will be best if we talk as soon as possible regarding your particular situation. It is also advisible to consult your attorney and tax advisor. Short sales are complex transactions and may have significant legal and tax considerations.
Finally, call your lender and notify them of the situation. They may even have a dedicated department that handles short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sales price and terms.