Need 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 . This could be caused by many factors, but commonly is a result of a rapidly declining real estate market.
Short sales can be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, determine the true market value of your property. A qualified real estate professional, like Lake Country Real Estate, Inc., will be able to give you a good idea of what your home would possibly sell for based on prior sales of similar houses in the area. Be careful of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, calculate your closing costs. My work in this area has taught me to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and notify them of the situation. They may even have a particular team that manages short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give approval for the final sale.