Ready to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be due to many reasons, but most often is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your property. A good real estate professional, like Future Home Realty, will be able to give you a good idea of what your home would possibly sell for based on a market analysis. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, be sure to figure in your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and notify them of your situation. They may even have a special team that manages short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to agree to the final sale.