Are you ready 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 frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to preclude foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.
The process of 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 good idea of what your property will probably sell for based on prior sales of similar houses in the neighborhood. 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 take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and make them aware of your situation. They may even have a particular team that deals with short sales. Ask about their particular steps. Some lenders will be more willing to work with you than others. They may be able to reduce how much you owe or make other arrangements. Your lender will have to give consent for the final sale.