Is it time 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. Short sales are typically the result of prices in an area rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can get the lender to forgive the difference.
How do I proceed with a short sale?
First, figure out the true market value of your home. For those whose finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, an experienced local real estate agent that knows the current conditions of the Prairieville real estate market is the best way to get a reliable estimate of what your home could sell for.
When you're ready to sell your house, Villar and Company Real Estate will help. Take advantage of my experience and knowledge of the local real estate market in Prairieville to sell your home quickly.
Contact us today.
Next, estimate your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and tell them of the situation. They may even have a dedicated team that handles short sales. Ask about their exact procedures. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.