Are you ready to short sell your home? What is a short sale? A short sale happens when the amount of the outstanding loans are greater than the amount for which the home could sell. Short sales are typically the result of values in a market rapidly declining. For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan. What steps do I take in a short sale? First, get an idea of the true market value of your property. For those whose finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Colorado Springs real estate market is a sound way to get a reliable opinion of what your home could sell for. Should you have concerns about real estate or the process of going through a short sale in Colorado Springs, Colorado just contact me here or e-mail me. Next, find out your closing costs. The experienced real estate agents at The Hauber Realty Group will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing. Finally, call your lender and let them know of the situation. They may even have a particular team that manages short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give consent for the final sale.

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