Do you need to short sell your home?
What is a short sale? A short sale happens when the value of a home is less than what is owned. Short sales are often caused by prices in an area rapidly declining.
Short sales can be a way for homeowners to avoid foreclosure and pay off their loan with the lender by settling.
How to do a short sale...
First, get an idea of the true market value of your house. A knowledgeable real estate professional, like Excel Funding Real Estate Services, Inc., will be able to give you a reasonable idea of what your property should possibly sell for based on a market analysis. Be cautious 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.
Should you have any concerns about real estate or the process of going through a short sale in Rancho Palos Verdes, California simply contact me
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Next, don't forget about your closing costs. My work in this area has taught me to consider fees such as title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at the closing table.
Finally, get in touch with your lender and make them aware of your situation. They may even have a dedicated team that handles short sales. Ask about their specific steps. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to approve the final sale.