Do you need to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This situation is typically caused by home prices in an area rapidly declining.
Short sales can be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your house. A good REALTOR®, like FirstPoint Real Estate, will be able to give you a good idea of what your house will possibly sell for based on a market analysis. Be careful 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 address any questions you have regarding real estate short sales.
Next, estimate your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and notify them of the situation. They may even have a particular department that manages short sales. Ask about their exact procedures. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.