Ready 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 what is owned. This situation is typically the result of home values in a market rapidly declining.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, determine the true market value of your home. A knowledgeable REALTOR®, like FirstPoint Real Estate, will be able to give you a reasonable idea of what your property should possibly sell for based on prior sales of similar houses in the area. Watch out for 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 glad to address questions you have regarding real estate short sales.
Next, determine your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and let them know of your situation. They may even have a specific team that handles short sales. Ask about their exact steps. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.