Ready to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This may be caused by many factors, but most often is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
How to do a short sale...
First, find out the true market value of your home. For those whose finances are already pushed to the limit, engaging a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Concord real estate market is a sound way to get an accurate estimate of what your home could sell for.
Next, calculate your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a particular department that handles short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.