Is it time to short sell your home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. This may be attributed to many causes, but most commonly is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, figure out the true market value of your home. For those whose finances are already strained, paying a licensed appraiser may not be feasible. Therefore, an experienced local real estate professional that knows the current conditions of the Austin real estate market is a sound way to get a realistic idea of your home's worth.
If you have any questions regarding real estate or what happens during a short sale in Austin, Texas just contact me
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Next, be sure to figure in your closing costs. My experience 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, call your lender and let them know of the situation. They may even have a special department that oversees short sales. Ask about their exact procedures. Some lenders will be more willing to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to give consent for the final sale.