Do you need to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than what is owned. This can be attributed to many factors, but frequently 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 get the lender to write off the difference.
How do I proceed with a short sale?
First, find out the true market value of your property. A good REALTOR®, like Petrovich Realty, will be able to give you a reasonable idea of what your property should possibly sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your house'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 glad to answer questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, call your lender and let them know of the situation. They may even have a particular team that oversees short sales. Ask about their exact procedures. Some lenders will be more able 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.