Is it time to short sell your home?
Don't know what a short sale is? A short sale occurs when you owe more than what the house is worth . This can be attributed to many causes, but often is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to prevent foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, assess the true market value of your home. An experienced real estate professional, like Lake Country Real Estate, Inc., will be able to give you a reasonable idea of what your home would likely sell for based on a market analysis. Beware 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, don't forget about your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and make them aware of your situation. They may even have a particular department that manages short sales. Ask about their exact process. Some lenders will be more able 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 approve the final sale.