Time to short sell your home?
Don't know what a short sale is? A short sale occurs when you owe more than what the house is worth . Short sales are usually the result of values in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What's involved in a short sale?
First, determine the true market value of your property. An experienced REALTOR®, like Ender & Associates Realty, will be able to give you a realistic idea of what your property should likely sell for based on prior sales of similar houses in the area. Watch out for 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.
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Next, calculate your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and tell them of your situation. They may even have a specific team that oversees short sales. Ask about their exact procedures. Some lenders will be more willing 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.