Time to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is usually caused by prices in an area rapidly declining.
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 difference.
How do I proceed with a short sale?
First, determine the true market value of your home. Since paying for a licensed appraiser may not fit your already tight budget, a qualified local real estate agent that knows the current conditions of the Puyallup real estate market is a sound way to get an accurate idea of your home's value.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to address questions you have about real estate short sales.
Next, don't forget about your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and let them know of the situation. They may even have a particular team that handles short sales. Ask about their exact process. Some lenders will be more inclined 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.