Is it time to short sell your home?
Don't know what a short sale is? A short sale happens when the value of a home is less than what is owned. Short sales are typically caused by home prices in an area rapidly deflating.
Short sales may be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
What steps do I take in a short sale?
First, determine the true market value of your property. An experienced REALTOR®, like Excel Funding Real Estate Services, Inc., will be able to give you a realistic idea of what your property will probably sell for based on a market analysis. Be careful of websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.
Need an honest idea of what your home could sell for today's market?
Contact me today to find out how Excel Funding Real Estate Services, Inc. can help.
Next, calculate your closing costs. My experience means I know to account for fees including title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and tell them of the situation. They may even have a dedicated department that oversees short sales. Ask about their exact steps. Some lenders will be more willing to work with you than others. They may be able to decrease the amount owed or make other arrangements. Your lender will have to approve the final sale.