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I Need To Short Sale My House

By James Redmond

Republish: EasyPublish™ Published: 24Apr2008 Word count: 446 Viewed: 173 time(s) Get Free Content For Your Site

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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