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. Short sales are usually the result of home values in a market rapidly declining.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, find out the true market value of your house. An experienced real estate professional, like RE/MAX Performance, will be able to give you a reasonable idea of what your house will likely sell for based on a market analysis. Beware 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.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to answer questions you have about real estate short sales.
Next, calculate your closing costs. My work in this area means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a dedicated department that manages short sales. Ask about their exact process. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.