Is it time to short sell your home?
Not sure what a short sale is? A short sale happens when you owe more than what the house is worth . This could be caused by many causes, but most often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
How to do a short sale...
First, determine the true market value of your house. A good real estate professional, like Petrovich Realty, will be able to give you a realistic idea of what your property will likely sell for based on prior sales of similar houses in the area. Beware 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to address questions you have about real estate short sales.
Next, be sure to figure in your closing costs. My work in this area has taught me to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and let them know of your situation. They may even have a specific team that handles short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to agree to the final sale.