Are you ready to short sell your home?
Don't know 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 situation is typically caused by prices in an area rapidly declining.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, figure out the true market value of your property. A knowledgeable REALTOR®, like Coldwell Banker Plourde Real Estate, will be able to give you a realistic idea of what your house will likely sell for based on a market analysis. Be careful 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.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. My experience has taught me to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and notify them of your situation. They may even have a particular team that oversees short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to agree to the final sale.