Need to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. This situation is typically caused by home values in a market rapidly declining.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, assess the true market value of your property. An experienced real estate professional, like Future Home Realty, will be able to give you a good idea of what your property should possibly sell for based on prior sales of similar houses in the area. Beware 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, determine your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a special team that handles short sales. Ask about their exact procedures. Some lenders will be more willing 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 approve the final sale.