Do you need to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This can be caused by many causes, but frequently is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, get an idea of the true market value of your house. An experienced REALTOR®, like Ender & Associates Realty, will be able to give you a good idea of what your house 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.
If you have any questions pertaining to real estate or what happens during a short sale in Mineral Wells, Texas simply contact me
here or e-mail me
Next, determine your closing costs. My experience has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a particular team 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 decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.