Do you need to short sell your home?
What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This situation is often caused by home prices in a market rapidly declining.
Short sales can be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, assess the true market value of your home. For those whose finances are already strained, hiring a licensed appraiser may not be an option. Therefore, an experienced local real estate professional that knows the current conditions of the Denton real estate market is the best way to get a realistic opinion of your home's value.
Next, determine your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and let them know of your situation. They may even have a dedicated team that deals with short sales. Ask about their particular steps. Some lenders will be more inclined 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 approve the final sale.