Time to short sell your home?
What is a short sale? A short sale is
when you owe more than what the house is worth.
This can be attributed to many reasons, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to forgive the difference.
How to do a short sale...
First, assess the true market value of your home.
A good real estate professional, like Coldwell Banker, will be able to give you a realistic idea of what your house should possibly sell for based on a market analysis. Be careful 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 us
through our site or e-mail me
. We're glad to address questions you have regarding real estate short sales.
Next, determine your closing costs. Our experience has taught us to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and let them know of the situation. They may even have a dedicated department that handles short sales. Ask about their specific procedures. 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 agree to the final sale.