Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. Short sales are usually the result of home values in a market rapidly declining.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your house. A qualified real estate professional, like Ender & Associates Realty, will be able to give you a good idea of what your home should likely sell for based on prior sales of similar houses in the neighborhood. Be cautious 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.
Mineral Wells homeowners who are upside down on their mortgage and need relief fast can rely on the expertise of Ender & Associates Realty to guide them through the short sale process. Contact me today
for a free consultation.
Next, calculate your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a dedicated department that handles short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give approval for the final sale.