Do you need to short sell your home?
Not sure what a short sale is? A short sale happens when you owe more than what the house is worth . This situation is often the result of home prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
The process of a short sale...
First, determine 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 home will likely sell for based on prior sales of similar houses in the area. 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.
If you have questions pertaining to real estate or the process of going through a short sale in Puyallup, Washington just
contact me here or
e-mail me.
Next, find out your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate 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 specific department that manages short sales. Ask about their particular procedures. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.