Do you need to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house will possibly fetch in the open market . This can be due to many factors, but most commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, determine the true market value of your property. A good real estate professional, like Villar & Co. Real Estate, will be able to give you a reasonable idea of what your property will possibly sell for based on a market analysis. 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.
Should you have any concerns about real estate or what happens during a short sale in Prairieville, Louisiana simply contact me
here or e-mail me
Next, calculate your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and tell them of the situation. They may even have a special department that manages short sales. Ask about their particular process. 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 agree to the final sale.