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Time 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 can be caused by many reasons, but most often is a result of a rapidly declining housing market.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, figure out the true market value of your home. A qualified REALTOR®, like Excel Funding Real Estate Services, Inc., will be able to give you a realistic idea of what your property will likely sell for based on a market analysis. Watch out for 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.
If you have any concerns about real estate or what happens during a short sale in Rancho Palos Verdes, California just
contact me here or
e-mail me.
Next, don't forget about your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a dedicated team that handles short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to lessen how much you owe or make other arrangements. Your lender will have to give consent for the final sale.