Is it time to short sell your home?
What is a short sale? A short sale is when the value of a home is less than what is owned. This can be attributed to many reasons, but often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, get an idea of the true market value of your property. 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 reliable opinion of your home's value.
Grand Prairie homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Target Cost Realty, LLC to guide them through the short sale process. Contact me today
for a free consultation.
Next, don't forget about your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a specific team that handles short sales. Ask about their particular procedures. Some lenders will be more able to work with you than others. They may be able to decrease your loan principal or make other arrangements. Your lender will have to give consent for the final sale.