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Short Sales
Simply put, a short sale is when a home sells for less than the seller owes to the mortgage lender. It’s an option for homeowners who need to sell their homes because of financial difficulty.
Simple Steps to get you on your way 
Confirm the value of your property. If working with a realtor than this will be provided for you. If selling for yourself than do your own market analysis of the area including your property.
Combine all the costs of selling the property. If you are working with a realtor this will be provided for you. If not then call a local title company and ask, as a seller, what the closing costs are.
Figure the amount owed against the property. This will give you the total of all the loans against the property.
Do your calculations. Take the total amount against the property and subtract it from what you estimate the sale will be. This should be a negative number.
Now all you have to do is sell the property.
More Information on Short Sales
The current state of our real estate market is going to cause short sales to occur more frequently. By becoming familiar with this process you will benefit if you are in this industry.
When listing a property where a review of the seller's financial conditions shows that a short sale may be needed, a analysis of the market will further determine if the seller will need to bring funds to closing. In this case, if the funds are not available to your seller, then the process of requesting a short sale should start.
In your listing agreement a cancelation clause should be included in the case that you cannot complete a short sale with the mortgage service. The agreement should also be subject to the lien holder's approval of the short sale. These are just some of the steps involved in the short sale process. The process is lengthy and quite detailed and can be very cumbersome for a novice. It is always best to consult with an expert.
Call for a free consultation 813-996-0089 or drop me an email and I will contact you. ron@movemyrealty.com
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