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 is worth . Short sales are often the result of values in an area rapidly deflating.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can negotiate with the lender to write off the difference.
What's involved in a short sale?
First, determine the true market value of your home. For those whose finances are already strained, paying a licensed appraiser may not be an option. Therefore, an experienced local REALTOR® that knows the current conditions of the Auburn real estate market is a smart way to get a reliable idea of what your home could sell for.
Next, don't forget about your closing costs. My work in this area means I know to consider fees including title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, contact your lender and tell them of your situation. They may even have a specific team that deals with short sales. Ask about their exact procedures. Some lenders will be more willing 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.