Time to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. This may be due to many reasons, but often is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your house. If your finances are already pushed to the limit, hiring a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Prairieville real estate market is a sound way to get an accurate estimate of what your home could sell for.
Prairieville homeowners who are upside down on their mortgage and need relief 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, don't forget about your closing costs. My experience has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and make them aware of the situation. They may even have a particular department that oversees short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.