Are you ready to short sell your home?

What is a short sale? A short sale happens when you owe more than what the house will possibly sell for . This may be attributed to many reasons, but frequently is a result of a rapidly declining housing market.

Short sales could be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.

How to do a short sale...

First, assess the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local REALTOR^® that knows the current conditions of the Prairieville real estate market is the best way to get a realistic estimate of what your home could sell for.

Next, calculate your closing costs. My experience has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.

Finally, contact your lender and notify them of the situation. They may even have a particular department that manages short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.