Need to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than the amount of the outstanding loans. This can be attributed to many reasons, but commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, figure out the true market value of your property. A good REALTOR®, like Southdale Properties, Inc., will be able to give you a good idea of what your property will likely sell for based on a market analysis. 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to address questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a specific 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 reduce your loan principal or make other arrangements. Your lender will have to approve the final sale.