
Are you ready to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house will possibly sell for . This may be due to many reasons, but frequently is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your house. If your finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Taylorsville real estate market is a smart way to get a reliable estimate of your home's worth.
Next, estimate your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and make them aware of the situation. They may even have a special team that manages short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to approve the final sale.