Do you need to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be attributed to many factors, but commonly is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, determine the true market value of your home. A good REALTOR®, like Target Cost Realty, LLC, will be able to give you a realistic idea of what your property should possibly sell for based on a market analysis. Beware 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.
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Next, find out your closing costs. My work in this area has taught me to consider 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 let them know of your situation. They may even have a particular team that oversees short sales. Ask about their particular steps. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to give consent for the final sale.