Need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. Short sales are typically the result of values in an area rapidly deflating.
Short sales can be a way for homeowners to preclude foreclosure and get out from under their loan with the lender by settling.
What's involved in a short sale?
First, figure out the true market value of your property. If your finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Grand Prairie real estate market is a smart way to get a realistic idea of what your home could sell for.
If you have questions pertaining to real estate or the process of going through a short sale in Grand Prairie, Texas you can
contact me here or
e-mail me.
Next, determine 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 calculate your final costs upon closing.
Finally, contact your lender and tell them of the situation. They may even have a special team that oversees short sales. Ask about their particular steps. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to approve the final sale.