Need to short sell your home?
Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are often the result of prices in a market rapidly deflating.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your home. For those whose finances are already pushed to the limit, paying a licensed appraiser may not be an option. Therefore, a qualified local real estate professional that knows the current conditions of the Denton real estate market is a sound way to get a reliable idea of what your home could sell for.
If you have questions regarding real estate or the process of going through a short sale in Denton, Texas you can contact me
here or e-mail me
Next, calculate your closing costs. My experience has taught me to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and notify them of your situation. They may even have a specific department that manages short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to approve the final sale.