Are you ready to short sell your home?
Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. Short sales are typically the result of home values in an area rapidly deflating.
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 difference.
What's involved in a short sale?
First, get an idea of the true market value of your home. If your finances are already stretched, engaging a licensed appraiser may not be feasible. Therefore, a knowledgeable local real estate professional that knows the current conditions of the Mineral Wells real estate market is the best way to get a reliable opinion of what your home could sell for.
If you have concerns about real estate or what happens during a short sale in Mineral Wells, Texas simply contact me
here or e-mail me
Next, determine your closing costs. My work in this area means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a dedicated department that manages short sales. Ask about their specific steps. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.