Ready to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than what is owned. This can be due to many causes, but often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
The process of a short sale...
First, figure out the true market value of your property. A good REALTOR®, like Fred Thorne Realty LLC, will be able to give you a good idea of what your property will probably sell for based on prior sales of similar houses in the neighborhood. Be careful 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, be sure to figure in your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and notify them of the situation. They may even have a special team that oversees short sales. Ask about their particular procedures. Some lenders will be more inclined 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 agree to the final sale.