(310) 784-2828 Ext 225
Need to short sell your home?
Don't know what a short sale is? A short sale happens when you owe more than what the house will possibly fetch in the open market . This situation is usually caused by values in a market rapidly declining.
Short sales could be a way for homeowners to avert foreclosure and pay off their loan with the lender by settling.
The process of a short sale...
First, get an idea of the true market value of your house. A knowledgeable real estate professional, like Excel Funding Real Estate Services, Inc., will be able to give you a good idea of what your house should possibly sell for based on prior sales of similar houses in the neighborhood. Be cautious of websites where a computer estimates your home's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Next, calculate your closing costs. My work in this area has taught me to account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs upon closing.
Finally, get in touch with your lender and let them know of the situation. They may even have a particular department that manages short sales. Ask about their specific procedures. Some lenders will be more inclined 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 agree to the final sale.