Is it time to short sell your home?
Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans is greater than the amount for which the home could sell. This situation is usually caused by prices in a market rapidly declining.
Short sales can be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, figure out the true market value of your home. If your finances are already strained, engaging a licensed appraiser may not be an option. Therefore, a knowledgeable local real estate agent 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 worth.
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Next, be sure to figure in your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated team that oversees short sales. Ask about their particular procedures. 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 give approval for the final sale.