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Do you need to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than the amount of the outstanding loans. This situation is often caused by home values in an area rapidly declining.
For many homeowners, a short sale is an ideal way to avoid foreclosure or bankruptcy when they can negotiate with the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, determine the true market value of your property. A knowledgeable real estate professional, like Excel Funding Real Estate Services, Inc., will be able to give you a good idea of what your home should probably sell for based on prior sales of similar houses in the neighborhood. Beware 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 me through my site or
e-mail me. I'm glad to answer any questions you have regarding real estate short sales.
Next, determine your closing costs. My work in this area has taught me to consider fees like title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, get in touch with your lender and make them aware of the situation. They may even have a specific team that oversees short sales. Ask about their specific process. Some lenders will be more inclined to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.