Ready to short sell your home?
Not sure what a short sale is? A short sale occurs when you owe more than what the house will possibly fetch in the open market . This may be due to many causes, but commonly is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, find out the true market value of your property. A good REALTOR®, like The City Country Group @ Vanguard Properties DRE# 01380792, will be able to give you a realistic idea of what your home should possibly sell for based on prior sales of similar houses in the neighborhood. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, find out your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and tell them of the situation. They may even have a specific department that deals with short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to approve the final sale.