Ready to short sell your home?
Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be due to many factors, but frequently 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 remainder of the loan.
The process of a short sale...
First, get an idea of the true market value of your property. A qualified real estate professional, like Bret Mundy Real Estate LLC, will be able to give you a realistic idea of what your home should possibly sell for based on a market analysis. Be cautious 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 about real estate short sales.
Next, don't forget about your closing costs. My experience has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and notify them of your situation. They may even have a special team that manages short sales. Ask about their exact procedures. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.