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 due to many reasons, but most often is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your house. An experienced real estate professional, like Kristi's Properties, will be able to give you a reasonable idea of what your house will probably sell for based on prior sales of similar houses in the area. Watch out for 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, estimate your closing costs. My experience has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and make them aware of your situation. They may even have a special department that handles short sales. Ask about their specific procedures. 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 approve the final sale.