Do you need to short sell your home?
What is a short sale? A short sale is when the value of a home is less than the amount of the outstanding loans. This could be due to many factors, but frequently is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to avert foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, figure out the true market value of your home. A good real estate professional, like Excel Funding Real Estate Services, Inc., will be able to give you a good idea of what your house should probably sell for based on prior sales of similar houses in the neighborhood. Be careful 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.
When you're ready to sell your house, Excel Funding Real Estate Services, Inc. will help. Take advantage of my expertise and knowledge of the local real estate market in Rancho Palos Verdes to sell your home quickly. Contact us today
Next, find out your closing costs. My work in this area means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, call your lender and let them know of your situation. They may even have a special team that oversees short sales. Ask about their particular procedures. Some lenders will be more inclined to work with you than others. They may be able to lessen your loan principal or make other arrangements. Your lender will have to agree to the final sale.