Are you ready to short sell your home?
Not sure what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This could be caused by many reasons, but frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
What's involved in a short sale?
First, get an idea of the true market value of your house. If your finances are already strained, engaging a licensed appraiser may not be an option. Therefore, an experienced local real estate agent that knows the current conditions of the Grand Prairie real estate market is a sound way to get a reliable estimate of your home's worth.
Should you have questions regarding real estate or what happens during a short sale in Grand Prairie, Texas just
contact me here or
e-mail me.
Next, don't forget about your closing costs. My work in this area means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at closing.
Finally, get in touch with your lender and tell them of your situation. They may even have a particular team that handles short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.