Are you ready 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 what is owned. This situation is often the result of prices in an area rapidly deflating.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What's involved in 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 realistic idea of what your property would 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.
If you have any questions about real estate or the process of going through a short sale in Puyallup, Washington just
contact me here or
e-mail me.
Next, estimate 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 tally your final costs at the closing table.
Finally, contact your lender and tell them of the situation. They may even have a particular team that handles short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give consent for the final sale.