Need to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house will possibly sell for . This situation is often caused by home values in a market rapidly declining.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, figure out the true market value of your home. A knowledgeable REALTOR®, like Your City Country Connection, will be able to give you a reasonable idea of what your home should probably 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.
Next, be sure to figure in your closing costs. My work in this area means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a dedicated department that oversees short sales. Ask about their particular procedures. Some lenders will be more inclined 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 approval for the final sale.