Is it time to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This situation is often caused by home prices in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. An experienced REALTOR®, like Southdale Properties, Inc., will be able to give you a realistic idea of what your home will 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to answer any questions you have about real estate short sales.
Next, find out your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and tell them of the situation. They may even have a special department that handles short sales. Ask about their specific process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to approve the final sale.