Ready to short sell your home?
What is a short sale? A short sale is when you owe more than what the house will possibly fetch in the open market . This situation is often the result of home values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, find out the true market value of your home. A good REALTOR®, like Homestead Realty, Inc., will be able to give you a reasonable idea of what your home should possibly sell for based on a market analysis. Be cautious of websites where a computer estimates your property'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 happy to address questions you have about real estate short sales.
Next, be sure to figure in your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and let them know of the situation. They may even have a dedicated department that deals with short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give approval for the final sale.