Need to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than what is owned. This could be attributed to many factors, but most often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your property. A good real estate professional, like Premier Real Estate Team, Inc, will be able to give you a realistic idea of what your home should possibly sell for based on a market analysis. Be cautious 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to address questions you have regarding real estate short sales.
Next, don't forget about 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 estimate your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a special team that deals with short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.