Ready to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than the amount of the outstanding loans. This situation is often the result of home prices in an area rapidly declining.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your house. A good REALTOR®, like Villar and Company Real Estate, will be able to give you a reasonable idea of what your property would probably sell for based on a market analysis. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Prairieville homeowners who are upside down on their home loan and need results fast should turn to the expertise of Villar and Company Real Estate to guide them through the short sale process.
Contact me today for a free consultation.
Next, estimate your closing costs. My work in this area has taught me 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, contact your lender and tell them of the situation. They may even have a dedicated department that manages short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.