Is it time to short sell your home?
Don't know what a short sale is? A short sale happens when the amount of the outstanding loans is greater than the amount for which the home could sell. This may be caused by many factors, but most commonly is a result of a rapidly declining housing market.
Short sales could be a way for homeowners to preclude foreclosure and pay off their loan with the lender by settling.
How do I proceed with a short sale?
First, assess the true market value of your home. For those whose finances are already stretched, engaging a licensed appraiser may not be an option. Therefore, a qualified local real estate agent that knows the current conditions of the Rancho Palos Verdes real estate market is a sound way to get an accurate opinion 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 experience has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at the closing table.
Finally, contact your lender and tell them of your situation. They may even have a dedicated department that manages short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to lessen the amount owed or make other arrangements. Your lender will have to give consent for the final sale.