Do you need to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This may be caused by many factors, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What's involved in a short sale?
First, assess the true market value of your home. An experienced 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 prior sales of similar houses in the area. Be careful of websites where a computer estimates your property'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 glad to address any questions you have about real estate short sales.
Next, calculate your closing costs. My experience means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and make them aware of your situation. They may even have a special department that manages short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.