Need to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house is worth . This situation is usually the result of prices in a market rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, figure out the true market value of your property. A good real estate professional, like Ender & Associates Realty, will be able to give you a realistic idea of what your house would probably sell for based on prior sales of similar houses in the area. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have questions pertaining to real estate or the process of going through a short sale in Mineral Wells, Texas just contact me
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Next, estimate your closing costs. My work in this area has taught me to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that manages short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give approval for the final sale.