Need to short sell your home?
Don't know what a short sale is? A short sale is when you owe more than what the house will possibly sell for . This may be due to many factors, but commonly is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to prevent 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 house. A good REALTOR®, like Lake Country Real Estate, Inc., will be able to give you a reasonable idea of what your house would likely sell for based on prior sales of similar houses in the neighborhood. Beware of 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.
Next, determine your closing costs. My experience means I know to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, contact your lender and make them aware of the situation. They may even have a specific department that deals with short sales. Ask about their particular procedures. Some lenders will be more willing 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 consent for the final sale.