Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans are greater than the amount for which the home could sell. This could be caused by many causes, but most commonly is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, assess the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local REALTOR® that knows the current conditions of the Missoula real estate market is the best way to get a reliable estimate of your home's worth.
Missoula homeowners who are upside down on their mortgage and need results fast can rely on the expertise of Clark Fork Realty to guide them through the short sale process. Visit www.MissoulaShortSale.com for extensive reports, how to's, checklists and more!
Next, don't forget about your closing costs. The qualified agents at Clark Fork Realty will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a specific team that oversees short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.
Clark Fork Realty 512 E Broadway Missoula, MT 59802
