I Need To Short Sale My House

I Need To Short Sale My House
With the economy getting worse and worse everyday, and the
foreclosure rate rising higher and higher, people do not
know what to do. If you are one of those people who are
saying, "I need to short sale my house," then you need to
understand the process.

Below are the steps you will have to take to short sale
your house.

1. You need to get the value of your property. If you are
using a real estate agent they will provide you with an
estimate of the market value of your house. Using a real
estate agent helps you to sell your house fast, but you
will lose money off the commission you need to pay them.

If you are selling the property on your own then you need
to do some research. In order to get the market value of
your property you are going to need to do some market
analysis of your area and your property.

2. You need to find out the total amount of money you owe
against the property. To get this total you will need to
add up all the loans that you have against the property.

3. The next step is to add up the costs of selling the
property. If you have chosen to use a real estate agent
they will provide you with an estimate of the closing
costs. However, if you are selling the property on your
own, you will need to call a real estate attorney or title
company and ask them what the closing costs will be.

4. You now can do some calculations. You will subtract the
total amount you owe against the property, found in step 2,
from the estimated proceeds of the sale, found in step 1.
Since you are short selling your house this number will be
negative.

5. The next step is to contact your lender. When you
contact them you need to talk to the customer service
department and tell them about your situation. You will
probably be directed to a specific department where you
should ask to talk to a manager or supervisor.

When you are talking to the lender you need to ask what
procedures there are for a short sale. Many lenders are
more than happy to work with you on reducing the amount
owed because it assures them that they get their money.
However, some lenders will tell you that it is your
responsibility to pay of your debt.

6. The final step is to sell your property.

So, you have said, "I need to short sale my house." Now,
using these six steps, you should be able to successfully
do it.

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