Ready to short sell your home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is usually caused by home values in a market rapidly deflating.
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, get an idea of the true market value of your home. A knowledgeable real estate professional, like Charles Burt Homefolks, will be able to give you a good idea of what your house will possibly 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.
Should you have any questions about real estate or the process of going through 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 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 upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a particular department that deals with short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.