Time to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This situation is often caused by home prices in an area rapidly declining.
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 steps do I take in a short sale?
First, find out the true market value of your house. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local real estate professional that knows the current conditions of the Prairieville real estate market is the best way to get a realistic opinion of what your home could sell for.
Need an honest idea of what your home could sell for today's market?
Contact me today to find out how Weichert, Realtors - Villar and Company can help.
Next, determine your closing costs. My experience means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and notify them of your situation. They may even have a dedicated team that oversees short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to approve the final sale.