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 will possibly sell for . This situation is typically caused by home values in a market rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What's involved in a short sale?
First, get an idea of the true market value of your home. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local REALTOR® that knows the current conditions of the Mineral Wells real estate market is a sound way to get an accurate idea of what your home could sell for.
Need an honest idea of what your home is worth in today's market? Contact me today
to find out how Ender & Associates Realty can help.
Next, don't forget about your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, contact your lender and notify them of your situation. They may even have a particular team that deals with short sales. Ask about their exact steps. Some lenders will be more able 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 consent for the final sale.