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that values honesty and integrity throughout the entire organization. You need top
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stability and opportunity—especially now. You need New Century Realty & Lending!
When dealing with your real estate home financing, we are not only working with
one of your largest personal financial investments; we also are handling one of
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Selection
Navigating Short Sales: What to Do When the Sale Price Leaves You
Short
Iyou're thinking of selling your home, and you expect that the
total amount you owe on your mortgage will be greater than the selling price of
your home, you may be facing a short sale. A short sale is one where the net proceeds
from the sale won't cover your total mortgage obligation and closing costs, and
you don't have other sources of money to cover the deficiency. A short sale is different
from a foreclosure, which is when your lender takes title of your home through a
lengthy legal process and then sells it.
Hire a qualified team
The first step to a short sale is to hire a qualified real estate professional
and consult with your tax advisor and a real estate attorney to answer any legal
questions.
A qualified real estate professional can:
- Provide you with a comparative
market analysis (CMA) or broker price opinion (BPO).
- Help you set an appropriate listing
price for your home, market the home, and get it sold.
- Put special language in the MLS
that indicates your home is a short sale and that lender approval is needed (all
MLSs permit, and some now require, that the short-sale status be disclosed to potential
buyers).
- Ease the process of working with
your lender or lenders.
- Negotiate the contract with the
buyers.
- Help you put together the short-sale
package to send to your lender (or lenders, if you have more than one mortgage)
for approval. You can’t sell your home without your lender and any other lien
holders agreeing to the sale and releasing the lien so that the buyers can get clear
title.
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