Are you ready to short sell your home?
Don't know what a short sale is? A short sale is when the amount of the outstanding loans is greater than the value of the home. This can be attributed to many reasons, but frequently is a result of a rapidly declining real estate market.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, find out the true market value of your property. Since paying for a licensed appraiser may not fit your already tight budget, a knowledgeable local real estate professional that knows the current conditions of the Rancho Palos Verdes real estate market is the best way to get a reliable estimate of your home's value.
Rancho Palos Verdes homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Excel Funding Real Estate Services, Inc. to guide them through the short sale process. Contact me today
for a free consultation.
Next, don't forget about your closing costs. My experience means I know to consider fees like 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 tell them of the situation. They may even have a dedicated department that handles short sales. Ask about their exact procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give consent for the final sale.