Need 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 value of the home. This situation is usually caused by values in an area rapidly deflating.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, determine the true market value of your home. A good real estate professional, like Issac W. Harper Real Estate Broker/Realtor©, will be able to give you a reasonable idea of what your home should likely sell for based on prior sales of similar houses in the area. Beware of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have questions about real estate or what happens during a short sale in Austin, Texas just contact me
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Next, calculate your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, call your lender and make them aware of the situation. They may even have a special department that deals with short sales. Ask about their specific steps. Some lenders will be more willing to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.