Time to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be caused by many factors, but often is a result of a rapidly declining real estate market.
For many homeowners, a short sale is an ideal way to prevent foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. Since paying for a licensed appraiser may not work with your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Grand Prairie real estate market is the best way to get a realistic opinion of what your home could sell for.
Grand Prairie homeowners who are upside down on their home loan and need relief fast can rely on 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 work in this area has taught me to take into account fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and tell them of your situation. They may even have a special team that oversees 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 the amount owed or make other arrangements. Your lender will have to agree to the final sale.