Is it time to short sell your home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. This may be attributed to many factors, but most often is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your property. A knowledgeable real estate professional, like Ender & Associates Realty, will be able to give you a good idea of what your house will possibly sell for based on prior sales of similar houses in the area. Beware of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
To get top dollar for your distressed real estate in Mineral Wells, it takes the level of know-how and experience we posses to get to the closing table quickly. Contact Ender & Associates Realty today
Next, estimate your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and notify them of the situation. They may even have a dedicated department that deals with short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give approval for the final sale.