Time to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than what is owned. This can be attributed to many causes, but frequently is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, get an idea of the true market value of your home. A qualified REALTOR®, like Villar and Company Real Estate, will be able to give you a reasonable idea of what your property would possibly sell for based on a market analysis. Be cautious of 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.
When you're ready to get started,
contact me through my site or
e-mail me. I'm happy to answer questions you have about real estate short sales.
Next, don't forget about your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and let them know of your situation. They may even have a particular team that deals with short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.