Ready to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house is worth . This can be due to many reasons, but commonly is a result of a rapidly declining housing market.
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 remainder of the loan.
How to do a short sale...
First, determine the true market value of your home. A qualified real estate professional, like Future Home Realty, will be able to give you a realistic idea of what your house would probably sell for based on a market analysis. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, find out your closing costs. My experience has taught me to consider 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 notify them of the situation. They may even have a special department that manages short sales. Ask about their specific process. Some lenders will be more willing 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.