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 value of the home. This situation is often caused by 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 write off the remainder of the loan.
How do I proceed with a short sale?
First, assess the true market value of your home. A qualified real estate professional, like Charles Burt Homefolks, will be able to give you a realistic idea of what your property will possibly sell for based on a market analysis. Be careful 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.
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Next, don't forget about your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and make them aware of your situation. They may even have a special team that deals with short sales. Ask about their particular process. Some lenders will be more willing 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.