Are you ready to short sell your home?
Not sure what a short sale is? A short sale is when the value of a home is less than the amount of the outstanding loans. Short sales are often caused by home values in an area rapidly declining.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to forgive the remainder of the loan.
How do I proceed with a short sale?
First, assess the true market value of your property. Since hiring a licensed appraiser may not work with your already tight budget, an experienced local real estate professional that knows the current conditions of the Rancho Palos Verdes real estate market is a smart way to get a realistic estimate of what your home could sell for.
When you're ready to get started,
contact me through my site or
e-mail me. I'm glad to address any questions you have about real estate short sales.
Next, be sure to figure in your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, contact your lender and let them know of your situation. They may even have a specific department that oversees short sales. Ask about their particular process. Some lenders will be more willing to work with you than others. They may be able to reduce your loan principal or make other arrangements. Your lender will have to agree to the final sale.