Are you ready 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 can be caused by many factors, but frequently is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your home. A knowledgeable real estate professional, like Coldwell Banker Plourde Real Estate, will be able to give you a reasonable idea of what your property will likely sell for based on a market analysis. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer any questions you have about real estate short sales.
Next, don't forget about your closing costs. My experience has taught me to consider 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 notify them of your situation. They may even have a special team that handles short sales. Ask about their particular process. 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.