Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is typically caused by home values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How do I proceed with a short sale?
First, assess the true market value of your home. An experienced REALTOR®, like RE/MAX Performance, will be able to give you a reasonable idea of what your property should possibly sell for based on a market analysis. Beware 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.
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Next, find out 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, contact your lender and tell them of the situation. They may even have a special team that manages short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.