Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. Short sales are often the result of prices in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, assess the true market value of your property. If your finances are already stretched, hiring a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Puyallup real estate market is a smart way to get a realistic opinion of what your home could sell for.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to answer questions you have regarding real estate short sales.
Next, estimate your closing costs. My work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a special team that deals with short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.