A short sale is the process of selling your home when its estimated value is less than what owe in loans for the home. It could be that your home was worth much more when you purchased it, or perhaps the values skyrocketed after you moved in yet you were not able to refinance to keep up with payments. Now that you are selling, you need short sale help, and it is entirely available from great foreclosure experts handing out advice across the web. But first, a primer on the steps it takes to complete a home short sale.
A short sale first involves contacting a mortgage or foreclosure professional. This professional can help you determine the value of your property, which hopefully is more than you owe in outstanding mortgage or tax payments. The professional will use a series of calculations to determine this number and could possibly have an estimator over to assess the value of your home if it has not been recently conducted by your local government. You can perform this function on your own too, since there are lots of online calculators that help you gauge what to put your house on the market for.
Next, explain your specific situation to your current lender or to the mortgage or foreclosure specialist with whom you speak, depending on the nature of your short sale. And ensure that whomever you speak with has the authority to help with any short sale foreclosure if that is what your situation is. You must have someone in your corner who is both authorized and experienced here, so you may need to add an extra step to your process to verify this. Once it is done, connect with this professional to go over the situation and plan for the most appropriate next steps.
In your discussion, which is the next to last step, you have to consider the tax implications of your short sale, as well as any other things that could be affected by this type of sale. Have the lender or specialist explain to you how everything will go down and how you will be affected as a seller by the entire process. You must know everything possible about a short sale and about yours in particular prior to moving forward with it, or you could risk losing more than you bargained for in going through with the transaction, which is the last step.