Time to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than the amount of the outstanding loans. Short sales are often the result of home prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, find out the true market value of your house. A good REALTOR®, like IREAF, LLC, will be able to give you a good idea of what your home should probably sell for based on a market analysis. 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm glad to answer any questions you have about real estate short sales.
Next, be sure to figure in your closing costs. My experience means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and let them know of your situation. They may even have a specific team that manages short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to agree to the final sale.