Need to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house will possibly sell for . This situation is typically the result of prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What's involved in a short sale?
First, figure out the true market value of your house. A qualified real estate professional, like FirstPoint Real Estate, will be able to give you a reasonable idea of what your property would likely sell for based on a market analysis. Beware of 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.
If you have any questions about real estate or the process of going through a short sale in Puyallup, Washington you can
contact me here or
e-mail me.
Next, find out your closing costs. My experience means I know to take into account 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 tell them of the situation. They may even have a special team that handles short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.