Need to short sell your home?
What is a short sale? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. This may be caused by many reasons, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off 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 Charles Burt Homefolks, will be able to give you a reasonable idea of what your property should probably sell for based on a market analysis. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
If you have concerns about real estate or what happens during a short sale in Carthage, Missouri you can contact me
here or e-mail me
Next, be sure to figure in your closing costs. My experience has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and let them know of your situation. They may even have a specific team that manages short sales. Ask about their exact process. 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 agree to the final sale.