Is it time to short sell your home?
Not sure what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the value of the home. Short sales are typically caused by home prices in an area rapidly declining.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How to do a short sale...
First, find out the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a qualified local REALTOR® that knows the current conditions of the Grand Prairie real estate market is a sound way to get a realistic opinion of your home's value.
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, calculate your closing costs. My experience means I know to take into account fees such as 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 your situation. They may even have a particular team that manages short sales. Ask about their particular steps. Some lenders will be more able to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to give consent for the final sale.