Time to short sell your home?
What is a short sale? A short sale happens
when the amount of the outstanding loans is greater than the value of the home.
This can be attributed to many factors, but often is a result of a rapidly declining housing market.
Short sales can be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
What's involved in a short sale?
First, find out the true market value of your house.
A qualified REALTOR®, like JONES REAL ESTATE AGENCY, will be able to give you a reasonable idea of what your house will probably sell for based on prior sales of similar houses in the area. Be cautious 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.
When you're ready to get started, contact us
through our site or e-mail me
. We're glad to address questions you have regarding real estate short sales.
Next, be sure to figure in your closing costs. Our work in this area means we know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs at the closing table.
Finally, get in touch with your lender and tell them of your situation. They may even have a special department that deals with short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.