Are you ready to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house will possibly sell for . This may be due to many reasons, but most often is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, determine the true market value of your house. A knowledgeable REALTOR®, like Your City Country Connection, will be able to give you a good idea of what your home will probably 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.
Next, be sure to figure in your closing costs. My experience means I know 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 let them know of the situation. They may even have a particular department that handles 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 how much you owe or make other arrangements. Your lender will have to give consent for the final sale.