Ready to short sell your home?
Not sure what a short sale is? A short sale happens
when you owe more than what the house will possibly fetch in the open market.
Short sales are typically caused by values in an area rapidly declining.
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's involved in a short sale?
First, get an idea of the true market value of your home.
An experienced REALTOR®, like REALiTEAM Real Estate Group, will be able to give you a good idea of what your house will probably sell for based on a market analysis. Be cautious of websites where a computer estimates your house'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 us
through our site or e-mail me
. We're glad to address questions you have regarding real estate short sales.
Next, determine your closing costs. Our experience means we know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a specific department that manages 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 give approval for the final sale.