Real estate short sale occurs when the balance of the loan of a property is higher than the appraised value of the real estate. While not all banks do short sales of real estate, most banks are willing to take on this transaction.
Thus, you have to find a bank or lender that is willing to take a real estate transaction to complete a short sale. You can also check out online sources if you are looking for house for sale in coquitlam west.
You can start things off by confirming the market value of the property. A real estate agent can do this by doing what they call a Comparative Market Analysis. Then, consider the cost that you would have spent in selling real estate.
These costs include advertising costs, commissions, and fees you have to pay your broker, and closing costs for the transaction. You can also add the legal fees you will be charged. Adding all loans and compares them against the property.
From there, reducing the amount of money owed on real estate transactions of anticipated profits. The difference is "short" of short sale real estate. Your lender will consider this in deciding whether a real estate short sale is quite fitting.
Before pushing through with a short sale of real estate, you may have to get a lawyer to help you in the legality of the transaction. Likewise, getting help from a certified public accountant is important because there are concerns about the tax you will be dealing with.