Do you need to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be caused by many reasons, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, figure out the true market value of your home. A good real estate professional, like Weichert, Realtors - Villar and Company, will be able to give you a good idea of what your property should likely sell for based on a market analysis. Be careful 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.
Prairieville homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Weichert, Realtors - Villar and Company 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 means I know to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and make them aware of your situation. They may even have a special team that oversees short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.