Do you need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than what is owned. Short sales are often the result of prices in a market 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.
What's involved in a short sale?
First, figure out the true market value of your home. A knowledgeable real estate professional, like Charles Burt Homefolks, will be able to give you a realistic idea of what your property would probably sell for based on a market analysis. Be cautious 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 has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and let them know of the situation. They may even have a special department that manages short sales. Ask about their specific steps. Some lenders will be more willing 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 give consent for the final sale.