Do you need to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be caused by many factors, but often is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What's involved 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 realistic idea of what your property should likely sell for based on a market analysis. Beware of 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.
Austin homeowners who are upside down on their home loan and need relief fast can rely on the expertise of Issac W. Harper Real Estate Broker/Realtor© to guide them through the short sale process. Contact me today
for a free consultation.
Next, find out your closing costs. My experience has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, call your lender and make them aware of your situation. They may even have a particular team that manages short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to give consent for the final sale.