Time to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be caused by many causes, but most commonly is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your property. A good REALTOR®, like J. Briann Realty Group, Inc., will be able to give you a reasonable idea of what your house will possibly sell for based on prior sales of similar houses in the area. Watch out for 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.
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Next, determine your closing costs. My work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and let them know of your situation. They may even have a special department that handles short sales. Ask about their exact procedures. Some lenders will be more able 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 give approval for the final sale.