Time to short sell your home?
Not sure what a short sale is? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be caused by many causes, but often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
What's involved in a short sale?
First, determine the true market value of your property. An experienced real estate professional, like Target Cost Realty, LLC, will be able to give you a reasonable idea of what your house should probably sell for based on prior sales of similar houses in the neighborhood. Watch out for 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, estimate your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and tell them of your situation. They may even have a particular department that oversees short sales. Ask about their exact procedures. Some lenders will be more able to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.