Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the value of the home. Short sales are typically caused by home values in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the difference.
What steps do I take in a short sale?
First, determine the true market value of your home. A knowledgeable REALTOR®, like Issac W. Harper Real Estate Broker/Realtor©, will be able to give you a reasonable idea of what your property will possibly sell for based on a market analysis. Watch out for websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Need an honest idea of what your home could sell for today's market? Contact me today
to find out how Issac W. Harper Real Estate Broker/Realtor© can help.
Next, be sure to figure in your closing costs. My experience means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a dedicated team that manages short sales. Ask about their exact process. Some lenders will be more able 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 agree to the final sale.