Ready to short sell your home?
What is a short sale? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This can be attributed to many reasons, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, find out the true market value of your home. A knowledgeable real estate professional, like Ender & Associates Realty, will be able to give you a realistic idea of what your property would possibly sell for based on prior sales of similar houses in the area. Be careful of 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.
Mineral Wells homeowners who are upside down on their mortgage and need results fast should turn to the expertise of Ender & Associates Realty to guide them through the short sale process. Contact me today
for a free consultation.
Next, be sure to figure in your closing costs. My work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a dedicated department that handles short sales. Ask about their specific procedures. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to approve the final sale.