Ready to short sell your home?
Don't know what a short sale is? A short sale occurs when you owe more than what the house will possibly fetch in the open market . This can be due to many causes, but most commonly is a result of a rapidly declining housing market.
For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the difference.
How to do a short sale...
First, figure out the true market value of your property. A good REALTOR®, like Excel Funding Real Estate Services, Inc., will be able to give you a reasonable idea of what your property will possibly sell for based on a market analysis. Watch out for 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.
If you have any concerns regarding 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 experience has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to estimate your final costs upon closing.
Finally, call your lender and let them know of the situation. They may even have a dedicated team that manages short sales. Ask about their specific procedures. Some lenders will be more willing 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 approval for the final sale.