Are you ready to short sell your home?
Not sure what a short sale is? A short sale is when you owe more than what the house will possibly fetch in the open market . Short sales are typically the result of prices in a market rapidly declining.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How to do a short sale...
First, figure out the true market value of your home. A knowledgeable REALTOR®, like Lake Country Real Estate, Inc., will be able to give you a realistic idea of what your house should possibly 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.
Next, be sure to figure in your closing costs. My experience means I know to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and notify them of the situation. They may even have a special department that deals with short sales. Ask about their specific process. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to approve the final sale.