We all know that the bank-owned homes are properties that have been returned to the ownership of the bank after a foreclosure auction fails. Many people mistakenly think that every property in danger of foreclosure eventually ends up as REO properties.
However, there is one thing a borrower can do when faced with the possibility of foreclosure – a short sale. In particular, a short sale allows troubled homeowners in the area to sell their property for less than what they owe to the bank and to use the proceeds from this sale to cover their debts.
But still, many homeowners think that will always be on the losing end of a short sale agreement, due to the fact that the property is generally sold for less than the actual market value. What many people neglect to notice is that there are ways that property owners can do to get the maximum price for their foreclosed homes in Los Angeles County.
Maximize the value of your property
The first thing a homeowner should do before entering into a short sale is to determine the true value of his property. Real Estate Agents can give you an estimate, but it is also recommended that you do your own analysis of the property market, especially in your neighborhood.
You actually have a choice of either selling your home yourself or engage the services of a broker. The latter can give an overview of the closing costs, but the important thing to do is to add it all and take them into consideration when property prices. Of course, you'll need to know how much you really owe it to the bank.
Get this information as soon as possible so that you will know how much you will need to take to complete your obligations to the bank. In doing a short sale Los Angeles, do a number is a very important task. You also have to accept that it is typical to get a negative number if you reduce your debt on your list price