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Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs
when the amount of the outstanding loans are greater than the value of the home.
This can be due to many reasons, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, get an idea of the true market value of your home.
If your finances are already strained, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate agent that knows the current conditions of the Missoula real estate market is the best way to get an accurate estimate of your home's worth.
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When you're ready to sell your property, Windermere Real Estate will help. Take advantage of our experience and knowledge of the local real estate market in Missoula to sell your home quickly. Contact us today.
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Next, be sure to figure in your closing costs. The knowledgeable real estate agents at Windermere Real Estate will consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a special department that oversees short sales. Ask about their particular process. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.
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