Ready to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This can be attributed to many factors, but commonly is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What steps do I take in a short sale?
First, determine the true market value of your property. An experienced real estate professional, like Charles Burt Homefolks, will be able to give you a realistic idea of what your property would possibly sell for based on prior sales of similar houses in the area. Beware 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.
Carthage homeowners who are upside down on their home loan and need relief fast should turn to the expertise of Charles Burt Homefolks to guide them through the short sale process. Contact me today
for a free consultation.
Next, calculate your closing costs. My work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and tell them of your situation. They may even have a dedicated team that manages short sales. Ask about their exact steps. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give approval for the final sale.