Need to short sell your home?
What is a short sale? A short sale happens when the amount of the outstanding loans is greater than the value of the home. This can be caused by many factors, but frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
How do I proceed with a short sale?
First, assess the true market value of your house. If your finances are already stretched, engaging a licensed appraiser may not be feasible. Therefore, a knowledgeable local REALTOR® that knows the current conditions of the Grand Prairie real estate market is a sound way to get a reliable idea of what your home could sell for.
Need an honest idea of what your home's value today's market? Contact me today
to find out how Target Cost Realty, LLC can help.
Next, find out your closing costs. My work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a special department that deals with short sales. Ask about their exact steps. Some lenders will be more able 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.