Time to short sell your home?
What is a short sale? A short sale occurs when you owe more than what the house will possibly sell for . This situation is typically the result of prices in a market rapidly deflating.
Short sales can be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your property. An experienced real estate professional, like Century 21 Judge Fite Company, will be able to give you a reasonable idea of what your home will possibly sell for based on prior sales of similar houses in the area. Beware 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 glad to answer 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 consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, call your lender and make them aware of your situation. They may even have a dedicated department that manages short sales. Ask about their exact process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.