Are you ready to short sell your home?
Not sure what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is typically the result of home values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. An experienced REALTOR®, like Premier Real Estate Team, Inc, will be able to give you a reasonable idea of what your property would likely sell for based on a market analysis. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When the time comes to sell your home, Premier Real Estate Team, Inc can help. Take advantage of my experience and knowledge of the local real estate market in Concord to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My experience has taught me to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and notify them of your situation. They may even have a dedicated department that handles short sales. Ask about their specific procedures. Some lenders will be more able 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 approval for the final sale.