Do you 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 can be attributed to many reasons, but frequently is a result of a rapidly declining real estate market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, determine the true market value of your house. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local real estate professional that knows the current conditions of the Gatesville real estate market is a smart way to get a realistic opinion of what your home could sell for.
Gatesville homeowners who are upside down on their home loan and need results fast should turn to the expertise of Kristi's Properties to guide them through the short sale process. Contact me today
for a free consultation.
Next, don't forget about your closing costs. My work in this area means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, call your lender and tell them of the situation. They may even have a specific team that deals with short sales. Ask about their exact process. Some lenders will be more inclined 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.