Ready to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than what is owned. This can be attributed to many reasons, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How do I proceed with a short sale?
First, figure out the true market value of your house. An experienced REALTOR®, like J. Briann Realty Group, Inc., will be able to give you a reasonable idea of what your home would 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 happy to answer any questions you have regarding real estate short sales.
Next, calculate your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a particular department that manages short sales. Ask about their exact steps. 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 consent for the final sale.