Need to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. Short sales are typically the result of prices in a market rapidly deflating.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, get an idea of the true market value of your property. A good real estate professional, like Villar and Company Real Estate, will be able to give you a good idea of what your property would probably sell for based on a market analysis. Watch out for 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.
Need an honest idea of what your home is worth in today's market?
Contact me today to find out how Villar and Company Real Estate can help.
Next, calculate your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a specific team that manages short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.