Ready to short sell your home?
What is a short sale? A short sale happens when you owe more than what the house will possibly sell for . This may be attributed to many reasons, but most often is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can negotiate with the lender to forgive the difference.
How do I proceed with a short sale?
First, assess the true market value of your property. A good REALTOR®, like Kristi's Properties, will be able to give you a good idea of what your house will possibly sell for based on a market analysis. Beware 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.
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to find out how Kristi's Properties can help.
Next, don't forget about your closing costs. My experience means I know to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs upon closing.
Finally, get in touch with your lender and let them know of the situation. They may even have a special department that handles short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to agree to the final sale.