Time to short sell your home?
What is a short sale? A short sale occurs when the value of a home is less than what is owned. This situation is usually the result of prices in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the difference.
How do I proceed with a short sale?
First, determine the true market value of your home. A qualified REALTOR®, like Ender & Associates Realty, will be able to give you a realistic idea of what your home should possibly sell for based on a market analysis. 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer any questions you have regarding real estate short sales.
Next, find out your closing costs. My work in this area means I know to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and make them aware of your situation. They may even have a specific 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 reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.