Are you ready to short sell your home?

What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. This may be caused by many factors, but most often is a result of a rapidly declining real estate market.

Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.

How do I proceed with a short sale?

First, determine the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, a qualified local real estate professional that knows the current conditions of the Colorado Springs real estate market is a smart way to get an accurate idea of what your home could sell for.

Next, determine your closing costs. The qualified agents at The EPIC Real Estate Group will account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.

Finally, call your lender and notify them of the situation. They may even have a particular department that oversees short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give consent for the final sale.