Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than what is owned. Short sales are typically the result of values in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, assess the true market value of your home. A qualified REALTOR®, like Remax Components, will be able to give you a realistic idea of what your home will likely sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your house'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 answer questions you have about real estate short sales.
Next, don't forget about your closing costs. My work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a specific team that deals with short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.