Time 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. Short sales are usually caused by home values in an area rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How to do a short sale...
First, assess the true market value of your home. A knowledgeable real estate professional, like FirstPoint Real Estate, will be able to give you a reasonable idea of what your house should likely sell for based on a market analysis. Be careful 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.
Puyallup homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of FirstPoint Real Estate to guide them through the short sale process.
Contact me today for a free consultation.
Next, estimate your closing costs. My experience has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and tell them of the situation. They may even have a specific department that oversees short sales. Ask about their particular steps. Some lenders will be more willing 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.