Need to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be due to many factors, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
What steps do I take in a short sale?
First, find out the true market value of your house. For those whose finances are already stretched, hiring a licensed appraiser may not be feasible. Therefore, an experienced local real estate agent that knows the current conditions of the Gatesville real estate market is the best way to get a reliable estimate of your home's worth.
When you're ready to get started, contact me
through my site or e-mail me
. I'm happy to answer questions you have about real estate short sales.
Next, calculate your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and make them aware of the situation. They may even have a particular team that deals with short sales. Ask about their specific 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 agree to the final sale.