Is it time to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than what is owned. Short sales are typically caused by home prices in an area rapidly declining.
Short sales may be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
What steps do I take in a short sale?
First, figure out the true market value of your house. A good real estate professional, like Target Cost Realty, LLC, will be able to give you a realistic idea of what your home will probably sell for based on prior sales of similar houses in the area. Be careful of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When the time comes to sell your home, Target Cost Realty, LLC will help. Take advantage of my experience and knowledge of the local real estate market in Grand Prairie to sell your home quickly. Contact us today
Next, don't forget about your closing costs. My experience means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and make them aware of the situation. They may even have a special 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 decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.