Are you ready to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house will possibly sell for . Short sales are often the result of values in a market rapidly declining.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What steps do I take in a short sale?
First, figure out the true market value of your property. A knowledgeable REALTOR®, like Your City Country Connection, will be able to give you a good idea of what your home would possibly sell for based on prior sales of similar houses in the area. Be cautious 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.
Next, be sure to figure in your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, get in touch with your lender and let them know of your situation. They may even have a special department that deals with short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to approve the final sale.