Do you need 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 value of the home. This situation is often caused by values in an area rapidly declining.
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, get an idea of the true market value of your property. For those whose finances are already strained, hiring a licensed appraiser may not be an option. Therefore, a qualified local REALTOR® that knows the current conditions of the Prairieville real estate market is the best way to get a realistic idea of what your home could sell for.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to answer questions you have regarding real estate short sales.
Next, find out your closing costs. My experience means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and let them know of your situation. They may even have a particular team that handles short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.