Need 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. Short sales are typically the result of prices in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.
How to do a short sale...
First, figure out the true market value of your property. For those whose finances are already stretched, paying a licensed appraiser may not be an option. Therefore, an experienced local real estate agent that knows the current conditions of the Rancho Palos Verdes real estate market is the best way to get a reliable idea of your home's worth.
When you're ready to get started,
contact me through my site or
e-mail me. I'm happy to answer questions you have about real estate short sales.
Next, determine your closing costs. My experience means I know to account for fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and notify them of the situation. They may even have a specific department that manages short sales. Ask about their particular steps. 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 give approval for the final sale.