Are you ready to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be caused by many causes, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, find out the true market value of your house. An experienced real estate professional, like Century 21 Judge Fite Company, will be able to give you a good idea of what your home will likely sell for based on prior sales of similar houses in the area. Beware 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 it's time to sell your home, Century 21 Judge Fite Company will help. Use my experience and knowledge of the local real estate market in Denton to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My work in this area has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and let them know of your situation. They may even have a dedicated team that oversees short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give approval for the final sale.