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. Short sales are often the result of values in a market rapidly deflating.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How do I proceed with a short sale?
First, determine the true market value of your house. A knowledgeable REALTOR®, like Villar and Company Real Estate, will be able to give you a realistic idea of what your property would possibly sell for based on a market analysis. Be cautious of websites where a computer estimates your house'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 mortgage and need relief fast can rely on 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 account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and notify them of the situation. They may even have a specific team that oversees 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 how much you owe or make other arrangements. Your lender will have to approve the final sale.