Ready to short sell your home? Not sure what a short sale is? A short sale happens when the value of a home is less than what is owned. This situation is usually caused by home prices in a market rapidly deflating. For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the difference. What steps do I take in a short sale? First, assess the true market value of your house. An experienced REALTOR®, like those at Prudential Douglas Elliman Real Estate, will be able to give you a realistic idea of what your home would probably sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings. East Hills homeowners who are upside down on their home loan and need results fast can rely on the expertise of Prudential Douglas Elliman Real Estate to guide them through the short sale process. For a free consultation call me, Gary Baumann at 1-866-260-9822 . Next, don't forget about your closing costs. The experienced I have as a REALTOR® at Prudential Douglas Elliman Real Estate,I will take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table. Finally, contact your lender and tell them of your situation. They may even have a dedicated department that oversees short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.