How to make a Short Sale with Real Estate

You are "upside down" with your real estate investing? Or put it another way, are the outstanding loans on their property greater than what you could get if you sold your home or property in today's housing market? If you are in a situation you can make a sale "short" and cut your loses before they grow more. Here is a step-by-step guide to do a short sale succeeded in your real estate:

1. check if the value of your property.

If you are selling property through a Realtor, your broker will provide you with an estimate of market value. If you're selling the property yourself, do your own analysis of the market area and its property.

2. Sum of all costs of selling the property

If you are using the services of a Realtor, broker will provide an estimate of the closing costs. If you are selling property in your own country (for sale by owner), call a lawyer of the company or real estate title location and ask, as a seller, what are the closing costs.

3. Determine the amount due, against property

This will be the total of all loans against the property.

4. make calculations

Subtracts the total amount due on goods from the proceeds of sale estimated. In a short sale, this will be a negative number.

5. contact the creditor or creditors

Speak with someone from customer service department and tell them the situation. They can direct you to a specific Department. Speak with a supervisor or Manager if possible. This person will have more authority.

6. Ask the lender what their procedures are for a short sale

Some lenders are willing to work with you, reducing the amount due, or make other arrangements. Others will look for the agents involved (if any) or any other person who is earning money from the transaction to see if they are willing to make concessions for the operation to happen. Still other lenders will tell you that your debt is your responsibility, in one way or another.

7. selling the property

Tips and warnings

Closing costs will include the title and escrow costs (if the seller is liable for any part of them, which will depend on your county), attorneys, a portion of property taxes of re-sending, notary fees, delivery charges, fees, transfer fees or documentary.

If you sell the property without the aid of a Realtor, you will save the amount of the Commission and have more to apply toward pay your loan.

If you feel safer with a Realtor to handle the transaction, consider using a discount broker to sell your property. You can also try to negotiate the Sales Commission with your broker.

Remember that the amount on your monthly statement does not include interest loan. Interest is accrued to date that a loan is paid off, so you can have as much as 30 days interest upon due balance, and you need to include this interest totalling reward.

And, two most important points:

1. If a property is sold under a short sale, the lender may require the buyer to make a difference through a personal obligation or a collection.

2. THE IRS often engages with short sales, because they are seen as a debt relief and may be treated as income. Check with your accountant.

Follow this step-by-step guide and you will be able to do a short sale succeeded in your real estate. If you need help, and then contact a broker able or estate agent.

Izzy (Buholzer) is a Miami real estate agent specializing in residential, commercial and investment real estate in South Florida. You can learn more about business and investment real estate on your site http://www.ibmiami.com: and if you're looking for a house in sunny Florida to visit your site today and get the best deals on Florida residential.