Ready to short sell your home? Leticia is a Shortsale expert.
What is a short sale? A short sale is when the amount of the outstanding loans are greater than the value of the home. This situation is usually caused by home values in an area rapidly deflating.
Short sales may be a way for homeowners to avoid foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your home. A knowledgeable real estate professional, like those at Better Homes Realty, will be able to give you a good idea of what your home would likely sell for based on a market analysis. Be careful of 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.
Need real estate advice? Contact us today to find out how Better Homes Realty can help.
Next, find out your closing costs. The knowledgeable REALTORS® at Better Homes Realty will consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a particular department that deals with short sales. Ask about their particular procedures. 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 consent for the final sale.
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